The Financial Services Compensation Scheme has revealed it has received 600 claims against IFAs related to Arch Cru advice, but added it has yet to decide if it will pay any investors compensation.
The scheme has put Arch Cru claims on hold while it looks into who was at fault for investors' losses when the fund was suspended in March 2009 due to liquidity problems. Funds in the range lost about 6% in the final days before suspension, adding to previous heavy losses. "To date, we have received around 600 claims against various independent financial advisers that are no longer trading," the FSCS stated in its half year review, out today. "The FSCS is considering whether it will be able to pay claims to consumers who have claims against independent financial advisers. "The s...
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