Industry veteran Ken Davy has demanded answers from the Financial Services Authority (FSA) on why it did not disclose the fact it had ordered changes to Arch Cru marketing materials before the collapse of the investment scheme.
Mark Hoban revealed the FSA's intervention to Parliament last week, suggesting it would have been beneficial if the regulator had been able to publicise the changes it had made. Davy, the chairman of Simplybiz, described the disclosure as a "key piece of information in relation to the Arch Cru debacle" and called on the FSA to give more details about its actions. He said: "Not only have consumers been seriously disadvantaged but also the advisers are being criticised and threatened in relation to Arch Cru as well. "I think consumers and advisers have an absolute right to know when ...
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