The Financial Services Authority (FSA) has issued a public censure against Capita Financial Managers (CFM) for its failings in relation to the CF Arch Cru funds between June 2006 and March 2009.
In July 2006, CFM the authorised corporate director (ACD) of the CF Arch Cru funds, delegated their investment management to a third party, Arch Financial Products LLP (Arch). The funds were then invested indirectly in private finance and private equity assets. While CFM delegated the investment management of the funds to Arch, it remained responsible for the overall performance of the regulatory obligations in relation to the funds, the FSA said. The watchdog said the CFM failed in "aspects of its oversight of Arch". It said CFM did not have sufficient processes in place to mo...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
