Gosling's Grouse: Remembering Fishwick

Centre of split-cap scandal

Every financial or political crisis needs a 'bad guy' and at the turn of this century, when the industry was engulfed in the 'split-cap scandal', the person unfortunate enough to have that misnomer thrust upon him was Chris Fishwick.

Hauled before a parliamentary select committee investigating a supposed 'magic circle' among some split-cap trusts, Fishwick found himself in the firing line and was labelled the 'unacceptable face of capitalism' by an MP. There is no doubt at the time there was a 'crisis' of proportions among split-cap trusts, which had, for the first time, found themselves being advertised to ordinary investors in places such as the London Underground. The trusts had been offering a 'magic' 10% through income shares. 'Magic' not because it could not be achieved, but because 10% is the magic number w...