FSA launches scheme for Arch Cru funds victims
The Financial Services Authority has launched a redress scheme for 15,000 victims of the Arch Cru funds mis-selling scandal.
It could lead to investors being paid compensation of more than £100m by the financial advice firms which sold the funds.
The money will be in addition to the £54m payment scheme announced last year, involving Capita Financial Managers and the two depositary companies, BNY Mellon and HSBC.
The FSA said there was evidence of widespread mis-selling of the high-risk Arch Cru funds, which were suspended in 2009.
Advice firms which mis-sold the funds will be forced to put customers back in the position they expected to be when they took advice.
- 1 'Not suppost to cry': 9-year-old lists the worst things about being a boy
- 2 Lee Evans announces his retirement from comedy on The Jonathan Ross Show
- 3 Iggy Azalea responds to Eminem rape lyrics: 'I'm bored of old men threatening young women'
- 4 These grandmas smoking weed for the first time are wonderful
- 5 Pastafarian former porn star Asia Lemmon allowed to wear colander in driving licence photo
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...