The FSA and Capita Financial Managers, BNY Mellon and HSBC Bank have confirmed the voluntary establishment of a £54m package for Arch cru investors.
The package will be used to make payments to eligible investors in the Arch cru funds, and will assist the return of a substantial part of their investment to them, the FSA said in a statement. Investors will have a choice whether to accept the offer of payment out of the payment scheme, which has been established by the firms. If they accept, it will be in full and final settlement of any claims or any remedies they may consider they would otherwise have against the firms. The FSA said it considers this package is "a fair and reasonable outcome", which is in the "best interests of...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
