Clive Cowdery is inimitable. The charismatic insurance entrepreneur paved the way for a rash of consolidation in the financial services sector today as he signalled a £1 billion float for his investment vehicle, Resolution.

The £1 billion figure is not really important, however, as one way or another Resolution will put about £5 billion of equity to work at any one time, restructuring assets across four sectors: effectively, life assurance, banking, asset management and general insurance.

Mr Cowdery will use the approach he audaciously tried but failed with in his last ditch assault at Bradford & Bingley, the struggling mortgage bank.

The big four or so institutional investors in an ailing company will be canvassed for their support of a Resolution move to control the company. As an additional sop, they will be offered shares in the soon to be listed investment vehicle.

This is a smart approach. Not only does it reduce the capital Resolution must put to work itself, but it also ensures he has the support of big battallion investors.

Recruiting John Tiner is a big coup.

The former chief executive of the Financial Services Authority, the City regulator, will know the regulatory landscape, and will be raring to go on his return after being out of the investment world for five years.

That Mr Cowdery has much of his previous Resolution team behind him, including Mike Biggs, former chief executive and Jim Newman, finance director, is also testament to his ability to retain their loyalty.

The one harsh truth is that Mr Cowdery's New Resolution is untested. He will need an acquisition under his belt in order to really set the pulses of the investing public beating.

If the previous Resolution is anything to go by, we are in for a racy ride along the way.

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