The Financial Ombudsman Service (FOS) has frozen claims related to Arch cru while it waits for the FSA, BNY Mellon, HSBC and Capita to agree on the value left in the fund range.
A FOS spokesperson said the Service could not begin to calculate investors' losses and potential redress, until it received a decision from the FSA on the current worth of the fund. The regulator is expected to produce its assessment of the funds' value by the end of next month, along with details of the £54m ‘payment package' it brokered with Capita, the authorised corporate director of the funds, and HSBC and BNY Mellon, the funds' depositories, which was announced last month. FOS has written to investors to say it must wait for the FSA to confirm the details of the scheme before it...
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