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FCA chases advisers for responses over Arch Cru redress scheme
by Jun Merrett on Aug 23, 2013 at 11:06
The Financial Conduct Authority (FCA) has written to advisers that have failed to provide it with figures on the number of eligible claimants for its Arch Cru redress scheme.
Firms were given a deadline of 29 July to inform the regulator of clients eligible for the scheme, which requires advisers the regulator deems to have mis-sold Arch Cru funds to provide compensation.
The FCA said 443 firms had so far provided figures of eligible claimants. From those firms, 7,021 are deemed to be eligible, and 3,333, or 48% have opted in to the scheme.
An FCA spokesman said: 'Firms were required to let the FCA know by 29 July 2013 how many consumers had opted into the consumer redress scheme. We have written to firms who do not appear to have met the deadline, requiring them to provide the report and explain why they have not complied with the scheme rules.'
Advisers had one month from 1 April to contact clients about the scheme and were required to let clients who opt in to receive compensation to know the outcome of their case by 9 December.
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