Capita threatens to pursue Cru in the event of IFA legal action

...everything by everybody.

Why don't Capita put their hands up along with Ernest and Young, Bank of New York, Arch and Bordeaux.

It is obvious all of them have failed in their duty and taken clients money by way of fees to do roles which they did not do correctly.

These big organisations need to stand up and say we got it wrong and ensure they put measures in to ensure that is not the case in the future.

Shouldnt we ask what other funds in the Capita stable may have problems, or did the FSA go looking at CRU.

Should we ask questions about other capita funds such as Midas which invest in Private Equity or should be worried about all funds carrying a CF badge.

I think Capita have totally failed in their duties and a company of their size should put up and shut up and the statement they made on the BBC Radio 4 Moneybox programme shows they did not do their job and now they will do everything to get out of this.

Come on FSA - sort them out fine them, ban them, or is it because of their size and their best mate is the government, I guess so.

The FSA only like to bully IFA's and mess with our lives.

If this letter exists then at least it is something knew from Citywire rather than the usual soapboxing which we seen up to now.

No one will have lost money in these funds because of the marketing material and to say so is utter folly. The clients and advisers were drawn to these funds because the consistent and stable returns (not exciting but stable), the performance was based on valuations and monitoring of the assets. Maybe CRU should have been more involved in the investment and maybe with hindsight IFA should have sought more information but the primary role of monitoring the investment management and the asset held was that of Capita and if they look around for someone else to blame then their folly knows no limits.

If you want to find your missing documents, can I suggest you go to Companies House website and pay 50p for the names and addresses of all your Directors and ask them. After all if you lose then it's their assets at risk, I'm sure that will help somes memory.

Nothing surprises me about Capita. My wife's SIPP has been managed by them for five years, during which they have made a series of errors with problems still ongoing. They have proved to be utterly incompetent. Had I not been an advisor, with knowledge of the processes involved, and been prepared to spend vast amounts of time putting things right, the account would have lost several thousand pounds. They are out of their depth with SIPPs and most likely with other financial areas, such as CRU.

The Directors are:-

Jacqueline Millan

Christine Hayes

Karl Midl

Lawrence Everett

and not forgetting the man who's signs off those long letters which are fill of crap

Christopher Addenbrooke,

I can provide the address and no need to pay 50p to companies house, I might right to them myself and ask why they let this happen and what they intend to do to return my mothers and fathers hard earned money as they approach retirement next year.

I bet you guys are still getting paid and am amazed at your in competancy of letting this happen and still keep your Jobs.

You than put in a fund manager 'spearpoint' who get 10% to 30% bonus for recovering my family's money that you have lost.

I wonder any back handers here, particularly as thats how capita do business isnt, remember the ceo involved with making loans to MPs.

This company will continue to blame everyone else, come on FSA sort this out or is it because you have failed again you havent got the guts, sorry forget you guys are lining up your jobs for the new regulator we get!!!

My understanding of most legal contracts of this nature is that the sponser is responsible for approval of all marketing material and that unless approved by the ACD cannot be released without accepting full responsibility.

Question 1

Did Capita ever approve any of the marketing material issued by ARCH or by cru, as both companies produced marketing material which was issued to IFAs for research and ongoing communication.

Question 2

Who was the sponser of this fund range, cru ARCH or both of them.

Question 3

when is the sponser going to come forward and show their compliance sign off process.

Are any of the investment team in Spearpoint

previous members of Arch team- I wonder why?

look after and hand over the company's assets to the liquidator or official receiver, together with all its books, records, bank statements, insurance policies and other papers relating to its assets and debts.