Blog: Why won't FOS tackle Capita on Arch cru

The Financial Ombudsman Service (FOS) has managed to reach several Final Decisions against IFAs over Arch cru, so why is it stalling on any investigation of the fund's multi-million pound authorised corporate director, Capita?

Laura Miller
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The Financial Ombudsman Service (FOS) has managed to reach several Final Decisions against IFAs over Arch cru, but why is it stalling on investigating the fund's authorised corporate director, Capita?

Approximately £400m was invested in Arch cru funds between 2006 and 2009 by roughly 20,000 investors. About 2,500 of these investors are backing a claim that Capita failed in its duty to ensure the fund was accurately priced, and that it allowed the fund to make higher risk investments than its low risk label permitted. These are serious allegations which, to its credit Capita, by offering all of the investors Financial Ombudsman rights, has accepted it will be investigated over. Except it seems highly likely it won't. In correspondence from a FOS adjudicator last month, seen by...

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