Legal battle over for Roberts
The Financial Conduct Authority (FCA) has had its attempt to ban a director of failed investment firm Catalyst rejected.
Investors who put money into failed life bond scheme Catalyst via their Standard Life self-invested personal pension (SIPP) have been told they have longer to wait before finding out if they are eligible for compensation.
A Corporate Chartered financial planning business has been told to compensate a client who was recommended to invest £50,000 in a bond based on senior US life settlement policies, following a final ruling by the Financial Ombudsman Service (FOS).
The Financial Services Compensation Scheme (FSCS) will start inviting claims against Catalyst Investment group from investors in the ARM Asset Backed Securities life settlements fund by the end of March.
The Financial Services Compensation Scheme (FSCS) said it is finalising the claims process for ARM investors with claims against Catalyst Investment Group, and hopes to start inviting claims in early 2014.
The advice community is likely to be billed a £30m interim levy early next year, mainly covering the cost of the Catalyst Investment group failure, which was declared in default in October.
The Financial Services Compensation Scheme (FSCS) has said it expects to raise a supplementary levy on investment advisers before the end of the current levy year, to make up for losses incurred by the failings of ARM bonds and their distributor Catalyst....
The Financial Conduct Authority (FCA) has censured Catalyst Investment group for misleading investors in its promotion of ARM Asset Backed Securities bonds and has fined its former chief executive, a former director, and the ex-compliance officer.