The Whitechurch Network spent more than £704,000 in 2013 settling claims related to advice given by its appointed representatives on Keydata and Arch Cru.
The £704,313 cash outflow, which the group said had been provided for in previous years and was covered by its professional indemnity insurance, was "predominantly" down to Keydata and Arch Cru liabilities. The Financial Services Compensation Scheme (FSCS) is attempting to pursue financial advisers who recommended clients invest in the now-collapsed Keydata Investment Services. The Financial Conduct Authority also requires advisers who mis-sold Arch Cru to compensate their clients. The network was understood to be among the lead defendants in a FSCS test case which is set to determine...
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