The UK Financial Services Authority has clarified the rules for FTSE-listed company directors who have pledged their shares as collateral for loans, implementing a disclosure amnesty which will ensure David Ross, the chief executive of the Carphone Warehouse, will not face action from the regulator.

In a statement this morning the UK regulator confirmed that grants of securities over shares listed on the FTSE index are covered by the disclosure requirement in its rules set out in Chapter 3 of the Disclosure and Transparency Rules.