The Financial Services Compensation Scheme (FSCS) has admitted making a series of overpayments and underpayments in compensation for the failed Arch Cru investment scheme.
In its latest newsletter, the body admitted it was now seeking to claw-back overpayments totalling £700,000 from 992 investors where practical. It also said it had given additional compensation to some 1,075 people which it had underpaid by a total of about £800,000. The CF Arch Cru funds were suspended by Capita Financial Managers in 2009 and the wind-up has yet to be completed. The FSCS began paying compensation to investors in 2011. From 2012, investors have been paid compensation under the regulator's Consumer Redress Scheme (CRS) using the CRS calculator. The newsletter said...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
