So after two years, thousands of FOS claims, the support of two MPs, and a Prime Minister who wasn't even in the post when the debacle began, Arch cru investors have some kind of answer to the question ‘Will I ever get my money back?"
Capita, BNY Mellon and HSBC have today finally clubbed together a £54m "payment" package, brokered by the FSA. Notice payment package, not compensation. In a letter to Arch cru investors on its website, Capita makes sure to highlight "the FSA will not be imposing any financial penalty on CFM". Once again, as with Keydata, apparently no-one is to blame for all this. In fact the FSA goes much further, giving the deal its seal of approval by endorsing it as "a fair and reasonable outcome", which is in the "best interests of investors". Investors may be inclined to disagree. In t...
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