Yorkshire Bank has threatened advisers who sold failed property investment scheme Arck that it will pursue them for money if their clients make a claim for compensation against the bank.
In a letter sent to an IFA by the bank, seen by Professional Adviser, it states it will "seek contribution and/or indemnity" from him if a successful claim against it is made. Arck was an unregulated collective investment scheme (UCIS) that entered liquidation amid allegations of severe mismanagement in February 2012, losing around 700 investors approximately £45m. Former director of Arck, Kathryn Clark, pleaded guilty to forgery this month in relation to the scheme, but denied fraud, in a case brought by the Serious Fraud Office (SFO). Fellow director Richard Clay denied the same cha...
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