cru Investment Management chairman Jon Maguire has written to Chancellor Alistair Darling to force Capita to disclose to investors the underlying assets in the suspended Arch cru funds.
Maguire says ARCH, Capita and the FSA have not said even one word to 20,000 investors about the existence or viability of the underlying assets in the funds, a situation he says is "intolerable".
"I would be obliged if you could impress on Capita the need to communicate openly with investors regarding the underlying assets, their current value and a timetable for the funds re-opening," the letter reads.
"I am sure you will agree with us that it is wholly unacceptable that investors in UK FSA authorised funds can be forced to wait ten weeks to be told basic things relating to their investments."
More to follow...IFAonline
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