The Financial Services Authority (FSA) has criticised IFAs for trying to shirk responsibility for Arch Cru investors' losses, and has warned evidence of widespread mis-selling could trigger an industry-wide past business review of all recommendations to invest in the fund range.
Speaking yesterday at a closed meeting of 30 MPs on the fairness of the Arch Cru investors redress scheme, Margaret Cole, managing director of the FSA's conduct unit, expressed anger at some advisers' attempts to avoid any accountability to their clients. She said: "It's not good enough that some IFA firms say that they have no responsibility for investor losses and that some of them seek to distract from their own possible responsibility by demanding that others pay more." Cole hinted that the FSA is considering carrying out an industry-wide past business review of Arch Cru advice. ...
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