The failure of the CF Arch Cru Investment Fund and the CF Arch Cru Diversified funds sent shock waves through the financial services sector. For advisers, the establishment by the FSA of a consumer redress scheme could see them facing large-scale claims over their recommendations to invest in the products, where this is deemed unsuitable.
A campaign group seeking to recover compensation from Capita over the failed CF/Arch Cru funds has called on more advisers to join the action to...
Latest data is consistent with the results of a review undertaken by the FCA before the consumer redress scheme was set-up.
Arch founder says allegations have been made “purely on the basis of inference with no contemporaneous fact or evidence”.
Capita Financial Managers has provided 1,600 names of investors for group litigation order.
Average opt-in rate for the Arch Cru redress scheme is 48 per cent, City watchdog says.
Greek shipping umbrella firm says Capita breached contractual agreements as it ‘could no longer finance projects’.
Analysis & Opinion
FCA reveals total bill of £31.5m, which due to PI cover exclusions may fall largely onto firm reserves.
In December 2012, the FSA published its policy statement PS 12/24 “Consumer redress scheme in respect of unsuitable advice to invest in Arch cru...
One rule for Capita and another for advisers after FSA fails to fine firm for Arch Cru failings.
Advisers can rely on information as long as they feel it is robust and credible, says Apfa director general.
Danner’s “lack of integrity” confirmed by Upper Tribunal decision in June 2012, says regulator.
IFA Centre welcomes redress scheme revisions but expresses “serious concerns” over assumed health of PI market.
Regulator tells select committee chair final notice marks the end of Capita’s disciplinary action for its part in the Arch Cru debacle.
Former Arch Cru administrator says it was not its duty to “ensure” its directors were aware of investment matters.