Capita, the authorised corporate director of the failed Arch cru funds, has revealed the settlement earlier this year cost it £17.9m.
In its results statement, the group said the settlement had impacted its operating cashflow in what chief executive Paul Pindar called a "challenging" year. The revelation comes after the FSA announced a £54m compensation package for investors last year which was funded by Capita Financial Managers Limited, as well as the CF Arch cru funds' depositaries, BNY Mellon Trust & Depositary and HSBC. However, it was not known at the time how much each group had paid. The figure today means Capita has funded a third of the package, with the remainder split between BNY Mellon and HSBC.
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