The planned investor-led judicial review into an Arch Cru compensation package will run separately to an action backed by IFAs, after concerns the adviser group has a conflict of interest with investors and insufficient funds to fight the case.
Investors' lawyers will next week lodge court proceedings requesting a review into the fairness of a £54m payment package put forward by the three main companies charged with the management of the funds and the safety of deposits into them - Capita, HSBC and BNY Mellon. Adviser firm Coull Money Ltd has lodged a separate challenge backed by about six other IFAs who recommended clients invest in Arch Cru and lobby group Justice in Financial Services (JFS). Talks had been underway between the two groups to support the other party's action. However these have now broken down. Gareth Fa...
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