The Financial Services Compensation Scheme (FSCS) has said it is awaiting the results of a Serious Fraud Office (SFO) investigation into failed property investment Arck before deciding whether it will compensate over advice to invest in it.
The FSCS said it has received "a number of claims" against independent financial advisers that are no longer trading in relation to advice they gave to invest in Arck. Arck is a UK based investment vehicle that was set up to develop and sell overseas based properties. It was placed into liquidation in 2012. The FSCS said it is aware that investors in Arck have "suffered significant losses", though adds that at this time the cause of these losses is unclear. The SFO has confirmed that it is investigating allegations of fraud involving investments made in Arck. The FSCS said in a ...
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
