FOS reveals details of upheld Arch Cru complaint against IFA

Laura Miller
clock

The Financial Ombudsman Service has revealed the details of a provisional judgement against an IFA who invested clients in Arch Cru.

The unnamed IFA must pay Ms P and Mr M the £8,000 they invested plus 1% more than Bank of England base rate compounded yearly from the date of investment, within 28 days. Any compensation the couple are entitled to under the FSA-brokered Capita payment scheme is to be deducted from the total redress the IFA must pay. However if a planned judicial review into the scheme is successful, and the couple's entitlement to it is withdrawn before 31 December 2012 preventing them from limiting their losses, the IFA will be liable for the whole £8,000, plus interest. The FOS decision comes de...

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 Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read