Yorkshire Bank goes to the wire to respond to £23m of Arck claims

Laura Miller
clock

Yorkshire Bank has said it will respond to investor claims it was negligent in relation to failed investment Arck by the end of the month - the latest date possible under legal rules.

Around 400 investors are bringing claims valued at about £23m against the bank for what they allege was its professional negligence for failing in its duty to protect client monies which it held on account for investors in Arck, a £63m unregulated collective investment scheme which entered liquidation last March. The investors - represented by law firm Regulatory Legal - have been fighting the case against Yorkshire Bank since January. They hold the bank responsible for their losses and are demanding it pays them back. The bank's commitment to deal with the matter by the end of the mo...

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