Arch cru

Arch Cru and the inevitable after effects for PII

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More than 40% of the 353 advisory firms embroiled in the Arch Cru redress scheme have now been referred on to the Financial Services Compensation Scheme (FSCS), the Financial Conduct Authority (FCA) has confirmed.

The Financial Services Compensation Scheme (FSCS) said it would consider accepting claims from investors who have opted out of the Arch Cru redress scheme.

There exists a "nervousness" in the professional indemnity insurance (PII) market which could force more IFAs to offer restricted advice, according to Prudential distribution change director Russell Warwick.

Financial advisers are expected to fork out £31.5m in compensation to clients who invested in the CF Arch Cru Investment and Diversified funds (Arch Cru) and were found to have received unsuitable advice.

Arch Financial Products' chief executive Robin Farrell and compliance director Robert Addison have hit back at allegations they lied in court, saying these were false and unfair.

Arch Financial Products chief executive Robin Farrell and compliance director Robert Addison have today been accused of giving inconsistent evidence, lying and distorting the facts during their High Court battle.

Guy Opperman, Conservative MP for Hexam and secretary of the All Party Parliamentary Group on Arch Cru, is "reluctantly" urging his constituents who lost money in the scandal to accept the deal put forward by Capita to recoup some of their investment....

Investors in the failed Arch Cru funds have called for SPL Private Finance to drop its lawsuit against Arch Financial Products and its chief executive Robin Farrell, saying it would "only damage what remains of their investments if unsuccessful".