Arch cru

Margaret Cole, managing director of the Financial Services Authority's (FSA) conduct unit, has pledged to MPs the regulator will look again at how Capita presented redress for Arch Cru investors under its £54m payment scheme.

Prime minister David Cameron has said he will look to see if the government can do more to help those who have lost money in the Arch Cru debacle.

Prime minister David Cameron will today be forced to answer calls for a government inquiry into the failure of Arch Cru and the fairness of the redress scheme set up to compensate investors.

The Financial Services Authority (FSA) will face questions from Arch Cru investors at a hearing on Wednesday on the regulator's role in the downfall of the fund range - and the £54m redress deal - despite not being allowed at the meeting.

Capita Financial Managers, which wants Arch Cru investors to accept a payoff linked to the sale of assets from the suspended fund range, has admitted that three-quarters of the remaining value of the cells is uncertain.

The planned investor-led judicial review into an Arch Cru compensation package will run separately to an action backed by IFAs, after concerns the adviser group has a conflict of interest with investors and insufficient funds to fight the case.

Ten of this week's best-read stories...

Christopher Addenbrooke, CEO at Capita Financial Managers, is under pressure to explain how the Arch Cru fund range was allowed to fail while his firm was in charge of its management.

The redress deal struck by the Financial Services Authority and Capita, HSBC and BNY Mellon will return Arch Cru investors just 10%-15% of their original capital, according to lawyers who have seen the offers.

Ten of this week's best-read stories...