Arch cru

Capita Financial Managers has today sent a further letter to investors who lost money in the Arch Cru fund range to set out their individual entitlements under a £54m payment scheme.

Thousands of Arch Cru investors have written to their MPs today accusing Capita of intentionally violating the Financial Services Authority's treating customers fairly (TCF) charter.

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The MP who this week had his calls for a government inquiry into the controversial £54m Arch cru investors' payment scheme dismissed by the Treasury, has said the fight for answers will continue in the corridors of Westminster.

The Financial Services Authority has asked the High Court to make an "urgent" decision on whether a group of IFAs can judicially review the £54m Arch Cru investors payment scheme.

MPs today accused the Financial Services Authority (FSA) of failing in its duty to regulate Capita's management of the Arch cru fund range and of trying to cover up its failings by colluding with the company to force a £54m payment scheme on investors....

Mark Hoban, the financial secretary to the Treasury, has backed Capita's Arch cru payment scheme and told investors they should go after their independent fnancial advisers (IFA) for compensation.

MPs from six political parties have this morning battered Capita with a tirade of attacks over its management of Arch cru investors' money, only to have their calls for a public inquiry into the debacle dismissed by Treasury secretary Mark Hoban.

The FSA could face legal action for breach of its own rules unless it lifts restrictions on Arch cru investors claims at the Financial Ombudsman Service and launches a public consultation into the amount of redress they should receive.

Shadow Energy minister Tom Greatrex has secured a Parliamentary debate on the adequacy of the Arch cru investors' deal on offer from Capita, and the role of the Financial Services Authority in the fund range's downfall.