Yorkshire Bank has been accused of failing to help investors who lost money in failed property firm Arck, despite setting up a dedicated "support scheme" brokered by the Financial Conduct Authority (FCA), prompting a lawyer to raise the issue with MPs.
Arck used financial advisers to market unregulated ‘sale and repurchase' (SARP) property developments in Cape Verde and Canada, offering high returns with no risk to capital, to approximately 700 investors between 2006 and 2011. Yorkshire provided Arck with banking facilities, and was supposed to hold investors' money securely in segregated accounts. But investors, having seen little or no returns, lost £45m when Arck entered liquidation in February 2012. Alasdair Sampson, of law firm Financial Services Advocacy, has written to 18 Members of Parliament on behalf of 142 clients he a...
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