FSCS

Clients of troubled spreadbetting firm Worldspreads have moved a step closer to getting funds back through the Financial Services Compensation Scheme (FSCS) after administrators KPMG began sending out final statements.

CONDENSED NEWS

The FSA's director of supervision at its conduct business unit, Clive Adamson, told an investor in the Arch cru funds that complaining to their IFA was the "best course of action" in order to get some form of redress, as the scandal broke in 2009.

Proposed changes to the Financial Services Compensation Scheme (FSCS), opening up eligibility to more parties, are likely to lead to increased compensation costs and higher levies.

Investors in stricken life settlements fund ARM Asset Backed Securities (ARM) are believed to be considering a class action lawsuit against the firm for the recovery of their assets.

Insolvency practitioner Probitas has been instructed to begin winding up pension specialist Rockingham Independent.

ARCH CRU

Industry veteran Ken Davy has demanded answers from the Financial Services Authority (FSA) on why it did not disclose the fact it had ordered changes to Arch Cru marketing materials before the collapse of the investment scheme.

Mark Hoban has admitted there is "no perfect solution" to the funding for the Financial Services Compensation Scheme (FSCS) but insisted it is the industry which should pay for any failures.

INTERIM LEVY