Left in limbo: Another FSCS delay on Arck as it 'steps closer' to adviser liability ruling

Laura Miller
clock

Advisers and investors face further uncertainty over their fate as the Financial Services Compensation Scheme (FSCS) has once again delayed a ruling on advisers' liability for investment losses in overseas property scheme Arck.

The FSCS said it is "continuing to investigate" advisers' role in the debacle that has cost investors - some of whom were advisers themselves - around £60m. It is a "step closer" to deciding if it will compensate these claims following guilty pleas in the High Court from the two directors of Arck, it said, but added it is waiting for information from unnamed third parties related to the case to make its final decision. The latest update from the FSCS is unlikely to appease anxious advisers and investors, who have already had their fate delayed once by the body that in Janaury gave a M...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

The advice/guidance boundary review: More shades of grey?

The advice/guidance boundary review: More shades of grey?

'The feedback to the FCA is clear: rules are preferred to guidance'

Nina Cherry and Aneta Murdza
clock 09 April 2024 • 4 min read
Unauthorised director to hand investors £1.6m following FCA probe

Unauthorised director to hand investors £1.6m following FCA probe

Amount secured for investors by the FCA following High Court approval

Isabel Baxter
clock 04 April 2024 • 1 min read
Advisers sound positive note on LTA changes but flag need for support

Advisers sound positive note on LTA changes but flag need for support

The LTA will be abolished this week at the end of the tax year

Hope Coumbe
clock 02 April 2024 • 1 min read