Labour MP Russell Brown has accused the government of trying to "sweep the failures of the Financial Services Authority (FSA) under the carpet", after it refused a parliamentary debate into the regulatory oversight of those managing the failed Arch cru fund range.
The Dumfries and Galloway MP wrote to Chancellor George Osborne calling on the government to probe the FSA's role in the failure of the funds. But an investigation was ruled out earlier this month when the Leader of the House, George Young MP, refused a Commons debate into the issue. The decision will lead to "exactly the same thing" happening again, said Brown - effectively an Arch cru Mark II. About £400m was invested in the fund range from 2006 until March 2009 when the FSA forced its suspension, after it became clear Arch would not be able to meet the demand for redemptions fro...
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