David Keen
30/12/2004
On 24 December 2004 the Financial Services Authority (FSA) issued a public statement announcing that it has reached agreement with a number of firms and individuals to resolve its investigation into the activities of certain fund managers and brokers within the split capital investment trust sector between September 2000 and February 2002.
The FSA has also resolved its investigation in respect of David Keen, formerly with Morley Fund Management prior to his retirement on 20 November 2001. The FSA will take no disciplinary action against Mr Keen, and has confirmed that it has not made any findings of regulatory breach against Mr Keen and that Mr Keen has not made any admissions.
Under the terms of an agreement between Mr Keen and the FSA, and in the light of the agreement with the other firms and individuals described above, Mr Keen will agree not to apply for approval to perform a controlled function for a period of one year from 22 December 2004.
Notes for editors
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.