An advisory firm which attempted to spearhead an IFA-led judicial review into the fairness of an Arch Cru compensation offer has been declared in default.
In 2011, Coull Money, backed by other firms which had recommended clients invest in the failed funds, lodged a challenge into the fairness of a £54m payment package put forward by the three main companies charged with the management of the funds and the safety of deposits into them - Capita, HSBC and BNY Mellon. The Financial Services Compensation Scheme (FSCS) has now declared Coull Money, as well as 15 other advisory businesses, in default, meaning its clients can make a claim against it should they wish. According to the financial services register, Coull Money was no longer author...
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