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Arch Financial Products is being sued for £150m by the board of 18 Guernsey-listed investment vehicles for not exercising a fundamental care of assets and failing to account for “substantial secret profits”, according to reports.
A group campaigning for a judicial review into the Arch Cru investment funds scandal has had its initial request rejected by the High Court.
IFAs who recommended Arch Cru - and now may face demands for compensation - are being advised to contact their professional indemnity (PI) insurer to ask them to contribute to the Capita redress scheme, as a cheaper way to deal with claims.
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A group of Arch Cru investors have obtained figures which show the extent of the losses suffered by the fund range in the run up to its suspension.
MPs campaigning for better compensation for Arch Cru investors will try to broker a blanket deal on redress to avoid the Financial Ombudsman Service being flooded with claims against IFAs.
The Financial Services Authority (FSA) will face questions from Arch Cru investors at a hearing on Wednesday on the regulator's role in the downfall of the fund range - and the £54m redress deal - despite not being allowed at the meeting.
Christopher Addenbrooke, CEO at Capita Financial Managers, is under pressure to explain how the Arch Cru fund range was allowed to fail while his firm was in charge of its management.
The redress deal struck by the Financial Services Authority and Capita, HSBC and BNY Mellon will return Arch Cru investors just 10%-15% of their original capital, according to lawyers who have seen the offers.
Capita Financial Managers has today sent a further letter to investors who lost money in the Arch Cru fund range to set out their individual entitlements under a £54m payment scheme.
Ten leading platform commentators were locked in a room last week to debate the future of the market. In the first of a three-part special in IFAonline, the team revisited platforms’ original objectives and asked: Is their influence now spreading too far?
Thousands of Arch Cru investors have written to their MPs today accusing Capita of intentionally violating the Financial Services Authority's treating customers fairly (TCF) charter.
The Financial Services Authority has asked the High Court to make an "urgent" decision on whether a group of IFAs can judicially review the £54m Arch Cru investors payment scheme.
The MP who this week had his calls for a government inquiry into the controversial £54m Arch cru investors' payment scheme dismissed by the Treasury, has said the fight for answers will continue in the corridors of Westminster.
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