The Financial Services Authority (FSA) has launched a three-month consultation on establishing a £100m consumer redress scheme for Arch Cru investors, saying it already has evidence of "widespread mis-selling".
It could deliver more than £100m compensation to investors who were mis-sold the CF Arch Cru Investment and Diversified funds. The funds were suspended in March 2009 and the Financial Services Compensation Scheme recently began dealing with payouts to clients of failed IFAs who advised them to invest in Arch Cru. The proposed redress scheme is in addition to the £54m payment scheme announced last year, involving Capita Financial Managers Limited (CFM), BNY Mellon Trust & Depositary (UK) Limited (BNY) and HSBC Bank plc (HSBC). The proposed redress scheme would be designed to put inv...
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