Financial advisers are being urged to join a newly-formed Arch Cru pressure group to fight against the Financial Services Authority's (FSA's) controversial redress proposals.
FSA proposals would compel IFA firms who advised on Arch Cru funds to conduct a past business review and compensate clients where evidence of unsuitable advice is found. The regulator has estimated this approach will deliver £110m of redress to investors. It has also predicted dozens of advisory businesses will fail as a result. The proposed package would be in addition to a £54m payment scheme announced last year, involving Capita Financial Managers, BNY Mellon Trust & Depositary and HSBC Bank. Foot Anstey said the pressure group would hire a barrister, obtain an opinion, and then...
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