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Maguire: FSA won't take action against me over Cru

by Daniel Grote on Feb 12, 2013 at 13:54

Maguire: FSA won't take action against me over Cru

Former Cru Investment Management chairman Jon Maguire has claimed the Financial Services Authority (FSA) has closed its investigation into his involvement in the Arch Cru debacle and would be taking no action against him.

Maguire (pictured) said: 'The FSA formally confirmed today that they are closing their investigation on my management of Cru and are taking no action.'

Cru's activities were the last element of the Arch Cru scandal to be addressed by the FSA, after its censure of authorised corporate director Capita, plans to fine bosses of fund manager Arch Financial Products, and decision not to take action against depositories BNY Mellon and HSBC.

The FSA said it would not comment on individual cases.

9 comments so far. Why not have your say?

David Craik

Feb 12, 2013 at 14:22

Mr Maquire's would be considered a Saint when judged against the integrity of the FSA.

The FSA will do little to rock any boats just in case they fall in.

It just gets smellier!

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Michael Brown

Feb 12, 2013 at 14:31

Gloat, gloat gloat.

But let us hope that the mud sticks to this person and he is never involved in our industry as a minimum in future. That way I will not have to pay for his companies absolute failure.

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Man in Black

Feb 12, 2013 at 14:46

I think Citywire should ask JM to clarify here: has he been issued with a formal Discontinuance Notice?

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Ronald via mobile

Feb 12, 2013 at 15:17


Where's the accountability?

More regulation in a meat factory!!

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Chris F.

Feb 12, 2013 at 16:30

When the chips are down Mr Maguire has come out of this battered but not beaten. Cod knows some think he deserved a roasting or should at least have had a grilling from the regulator.

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Andrew IFA

Feb 12, 2013 at 17:40

Well he may not be censured, but i for one would never get involved with anything he touches ever again.

Even if he was a saint!

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Big Al

Feb 12, 2013 at 19:04

What happened to his African "Save The World" investment plans?

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Mike Shaw

Feb 16, 2013 at 09:33

Will FSA now close its proposed action against the IFAs who sold this stuff? fat chance!

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Fred Avery

Feb 18, 2013 at 15:26

We all might have the last laugh when Harris Lipman, the liquidators of Cru publish their findings on the conduct of Maguire- minimum Director Disqualification one would hope.

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