The Financial Services Authority has closed its investigation into one of the UKs largest financial scandals after the heads of two asset management firms and two former brokers at Collins Stewart Tullet agreed not to take executive roles in the financial services industry for at least a year.

The closing of the case means that BC Asset Management and BFS Investments, the two remaining firms under investigation that declined to settle with the Financial Services Authority in December 2004, are now in the clear. BFS went into voluntary liquidation last February.