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FSA refuses call for Icelandic investment inquiry

The FSA (Financial Services Authority) has refused to sanction an enquiry into Treasury management advisors who were heavily involved in the investment of up to £1 billion in Icelandic banks. There is a feeling that these "unregulated" advisers should be called to account for their part in the disastrous investment which has cost the UK government and the UK taxpayer hundreds of millions of pounds.

A cross-party committee in Parliament had attempted to put pressure on the FSA to launch an investigation but for some reason this has been refused and the position and stance is unlikely to change. There is a feeling of political meddling behind the scenes as the UK government would prefer to put this particular episode behind it as we roll on towards the next general election.

However, taxpayers in the UK will be paying the price for the collapse of the Icelandic banking system, and the hundreds of millions of pounds which have gone missing from local authority coffers, for many years. Those who followed the Icelandic banking collapse will be well aware of the complicated nature of the saga and the accusations of meddling by the UK government. Even though the FSA claims this particular saga is out of their remit there are others who believe it is a simple attempt to "wash their hands" of the issue.

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