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Page last updated at 11:50 GMT, Monday, 9 March 2009
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Watchdog probes £5bn insurer sale

Financial Services Authority
The FSA probe relates to "certain actions" between 2007 and 2008

A number of directors involved in the £5bn sale of Glasgow-based insurance firm Resolution are being investigated by the Financial Services Authority.

Resolution founder, Clive Cowdery and directors Mike Biggs, Ian Maidens and Jim Newman are subject to the probe.

It relates to "certain actions" between October 2007 and May 2008.

Resolution was bought by rival insurer Pearl last year after a takeover tussle which saw Pearl muscle into an agreed merger deal with Friends Provident.

The Financial Services Authority had already reportedly launched an inquiry into the takeover over suspicion of market abuse relating to all parties involved in the bidding battle - Friends Provident, Standard Life, Resolution and Pearl.

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SEE ALSO
New twist in insurance bid battle
29 Oct 07 |  Business
Standard Life courts Resolution
25 Oct 07 |  Business
Resolution promises £2bn payout
24 Oct 07 |  Business
Friends upbeat on merger prospect
08 Aug 07 |  Business
Friends Provident in merger talks
23 Jul 07 |  Business

RELATED INTERNET LINKS
FSA
Pearl
Friends Provident
Standard Life
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