The structure of the entire Investment Trust sector of the London Stock Exchange (one-third of tje FTSE 250) now shown to be a scam designed mainly to eliminate any and all liability of FCA Authorised Investment Managers.
As we gird our loins for the forthcoming Octopus and Albion High Court hearings in October and December, and the matters set out recent High Court decision [ BL-2023-000492] it seems an apposite moment to consider the role of the Directors all of whom are stated to be Non-Executive and that there is not even a single employee let alone any"executive" or "management" running the companies. Delegation of every single executive or managerial function does not remove accountability - even the FCA states:" ... this does not reduce their accountability for what they delegate" Seems to me that the decisions in Singapore [Inter-Pacific Petroleum] and Australia [Star Entertainment Group] have blown out of the water the pretence that FCA authorised invetment managers are not "executive" directors of Investment Trusts and have primary legal liability for acts of negligence and fraud. Non-executive Directors are not entitled to rely on "executies"...