The Financial Services Compensation Scheme (FSCS) is investigating whether investors have the right to claim compensation against closed IFAs who advised on the CF Arch cru Investment and Diversified funds.
Last month the Financial Services Authority (FSA) Capita Financial Managers Limited, BNY Mellon Trust & Depositary (UK) Ltd and HSBC Bank PLC agreed a £54m package to make payments to certain investors in the funds. The FSCS said it has been considering the implications of this development for claims it has received against IFAs. In particular, it said it has been investigating "the duties and obligations" of advisers at the time they advised their clients to invest in these funds. "This will enable the FSCS to reach a view on whether the advice might give rise to liabilities to in...
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