MPs campaigning for better compensation for Arch Cru investors will try to broker a blanket deal on redress to avoid the Financial Ombudsman Service being flooded with claims against IFAs.
Members of the All Party Parliamentary Committee on Insurance and Financial Services met with FOS chief executive Natalie Ceeney and chief ombudsman Tony Boorman on Tuesday to discuss Arch Cru investors' redress. At the meeting in Westminster, Conservative MP Alun Cairns said member are pressing the FSA "to bring together all parties so that we can avoid thousands of complaints going to the financial ombudsman". Cairns is one of the inner core of MPs who have set up an All Party Parliamentary Group on Arch Cru to push Capita, HSBC and BNY Mellon contribute more to the £54m payment sch...
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