Arch cru

The FSA and Capita Financial Managers, BNY Mellon and HSBC Bank have confirmed the voluntary establishment of a £54m package for Arch cru investors.

Prime Minister David Cameron joined the fight to force the FSA to reveal what it knows about the failure of the Arch cru fund range, just days before today's announcement of a £54m compensation package for investors.

Pressure is mounting on the Treasury over Arch cru today after a second MP called for the government to step in and investigate the role of the Financial Services Authority (FSA) in the failure of the cru fund range.

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?

The Financial Services Authority (FSA) and fund administrator Capita are to come under fresh scrutiny about the collapse of Arch Cru, as 20,000 investors still wait for news about their investments.

One of the lead cases brought by Arch cru investors against Capita has been put on hold by FOS pending a decision on whether the ombudsman is the appropriate body to deal with the complaint.

Shareholders in the SPL Private Finance fund - one of the cell funds in the former Arch Cru range - have agreed a deal returning them 42p per share.