FSCS says advisers liable for Arck losses; invites claims

It said it had established that failed financial advisers are liable for losses resulting from bad advice to invest in unregulated Arck related investments, which included Estrela Santiago, Paradise Beach, and Joyston, among others. The scheme had previously said it was awaiting information from unnamed third parties - potentially the Serious Fraud Office (SFO) - to rule on whether it would assign liability for losses in Arck to advisers and subsequently compensate the clients of now-failed firms that sold the investment. In an update on 11 September, it added it was also satisfied th...