The Financial Services Authority has launched an investigation into multimillionare City investor Clive Cowdery.
The probe centres on the takeover battle that raged over Cowdery's insurance group, Resolution plc, before it was eventually purchased by Pearl in May 2008. It threatens to derail, at least temporarily, Cowdery's ambitions to build a new financial services group by buying up distressed companies.
After selling his insurance company to Pearl, Cowdery – who had kept the rights to the Resolution name – relaunched the company as Resolution Limited. It told the stockmarket this morning that Cowdery and the former executive team of Resolution plc were being investigated by the FSA over "certain actions of Resolution plc and of such former directors during the period between October 2007 and May 2008".
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