The publication of the final details of the Financial Services Authority's (FSA's) £110m Arch Cru redress scheme has been postponed due to the overwhelming response to the regulator's consultation.
The Mail on Sunday said the workings of the scheme were due to be confirmed this month but the FSA's board has delayed making the details public because of the number of consultation responses. Advisers who recommended Arch Cru products, which were suspended in 2009 after allegations of fraud, could be on the hook for the £110m of lost assets. The paper said the FSA has been criticised by several MPs for placing too much blame on advisers. It said they believe other parties, including fund registrar Capita, were more culpable. Capita has so far pay out £54m of redress.
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