FSA's inaction on split caps chided

The UK's Financial Services Authority (FSA) has been criticised for closing a five-year investigation into the split capital investment trust scandal without taking action against any individuals or firms.

The decision to close the investigation, announced on 21 May, came in spite of earlier comments by Callum McCarthy, chairman of the FSA, that the City watchdog had reason to suspect mis-selling and collusion "on a substantial scale".

Jim Cousins, a Labour parliamentarian and a long-serving

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