Ann: Completion of strategic review and business update, page-17

They already admitted guilt through the RC. I actually think shutting down the boiler rooms was part of the strategy to acquire St Andrews. I think it is far less likely they would allow FIG to acquire St Andrews if it was continuing to run its boiler rooms. Dumping its boiler rooms shows its intent to the regulator that it is willing to change and start afresh. "Let us acquire St Andrews and we'll start with a clean slate" vs "Let us acquire St Andrews and we may run it like how we continue to run our boiler rooms".

If you were a regulator who would you trust more? A company that fessed up, changed its ways even though it means it's getting no new customers, or a company that continues to run boiler rooms marketing crap products to people who will get little value in it?