Alan Kerr
30/12/2004
On 24 December 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 Alan Kerr. The FSA has agreed to take no disciplinary action against Mr Kerr, and has confirmed that it has not made a finding of regulatory breach against Mr Kerr and that Mr Kerr has not made any admissions.
Under the terms of the agreement between Mr Kerr and the FSA, and in the light of the agreement with the other firms and individuals described above, Mr Kerr will withdraw proceedings commenced by him before the Financial Services and Markets Tribunal for approval by the FSA to perform a controlled function. Mr Kerr has agreed not to apply afresh for such approval for a period of one year from 22 December 2004.
Notes for editors
Mr Kerr ceased to hold a controlled function on 23 September 2003.
Mr Kerr is a former employee of Legg Mason Investments (Europe) Limited.
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.