Arch Cru investors receive £11.8m with advice redress scheme

However the figure, measuring payouts up to April and revealed in the regulator's first annual report in its guise as FCA, represents just a little over a third of what it expects will be the total scheme redress of £31.8m. In 2013 the FCA used its powers under Section 404 of the Financial Services and Markets Act (FSMA) for the first time to impose the scheme following its review into the sale of Arch Cru funds. The rules governing the consumer redress scheme required advice firms to send letters to any customer who had received advice to invest in the Arch Cru funds offering them th...