More than 40% of the 353 advisory firms embroiled in the Arch Cru redress scheme have now been referred on to the Financial Services Compensation Scheme (FSCS), the Financial Conduct Authority (FCA) has confirmed.
The FCA said Arch Cru claims from a total of 147 financial advisers have been referred on to the FSCS, suggesting that these firms are no longer trading or are unable to pay their liabilities. However, the regulator could not say that all of these firms experienced financial difficulties solely as a result of Arch Cru liabilities. So far, the FSCS has paid out a total of £39m in Arch Cru related claims. This includes almost 50 of the 147 advisory firms referred to the service as part of the redress scheme, it said. The FCA revealed on Monday that financial advisers will have to for...
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