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FSA Cru scheme hit by delays after flood of responses
by Daniel Grote on Nov 26, 2012 at 08:26
The Financial Services Authority (FSA) has delayed the publication of a policy statement on its proposed £110 million Arch Cru redress scheme following an overwhelming response to its consultation on the measures, according to the Mail on Sunday.
The regulator was due to publish the document this month on the scheme, which will require advisers who sold the failed funds to pay out to clients.
Adviser trade bodies the Association of Professional Financial Advisers and IFA Centre have railed against the proposals in their submissions to the FSA consultation.
Minutes of a FSA board meeting held in April highlighted divisions at the top level of the regulator over whether to go ahead with the scheme.
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