Several members of Resolution’s senior management team are under investigation by the Financial Services Authority (FSA).
Clive Cowdery, the group’s founder, Mike Biggs, the current chairman, and several other executive directors are involved.
Their actions between October 2007 and May 2008 are being scrutinised by the regulator. This is the period when the deal for Pearl to take over Resolution was being negotiated.
Resolution’s board has temporarily appointed Phil Hodgkinson as the senior independent director and chair of a special committee made up of directors other than Biggs. The group says the committee will address matters relating to the investigation.
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