FSA presses court for 'urgent' decision on Arch Cru IFA judicial review

Laura Miller
clock

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.

Six IFAs, who all recommended clients to invest in the funds, are backing a request made in September in the name of IFA Coull Money asking for a judicial review of the FSA-brokered deal which has contributions by Capita, HSBC and BNY Mellon. The group argues the scheme, which caps the three companies' contribution at about 34% of investors' capital and restricts claims at the Financial Ombudsman Scheme against them to the same amount, leaves IFAs exposed to compensation claims for the outstanding amount. No decision to grant the review has yet been reached by the Administrative Court...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Quilter's WealthSelect rebalances in response to bond market

Quilter's WealthSelect rebalances in response to bond market

Following recent government bond market performance

Isabel Baxter
clock 17 January 2025 • 1 min read
PA Awards 2025: Multi-asset shortlists revealed

PA Awards 2025: Multi-asset shortlists revealed

The industry’s best in balanced, high yield, adventurous and cautious funds

Professional Adviser
clock 15 January 2025 • 2 min read
PA Working Lunch: Last chance - Seeking exceptional US growth with Baillie Gifford

PA Working Lunch: Last chance - Seeking exceptional US growth with Baillie Gifford

Join PA and Baillie Gifford on Wednesday for an informative online session

Jen Frost
clock 14 January 2025 • 1 min read