Hector Sants is encouraging Arch cru investors to take the FSA-brokered 70% payment deal and has warned against attempts to get a better return through the Financial Ombudsman or the courts.
The FSA has said it believes the £54m package - struck this month with Capita Financial Managers as the authorised corporate director of the funds, and BNY Mellon Trust and Depository and HSBC as its depositories - represents a "good outcome" for investors. However in a letter to one investor the FSA chief executive goes a step further and actively advises the individual to take the deal, even though the FSA is not expected to publish full details of the payment scheme until next month. He writes: "I would therefore encourage you to accept the offer of payment from this payment scheme...
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