Cru says FSA has visited its office as part of probe into suspension

Cru has said the Financial Services Authority (FSA) has visited its office in Cardiff as part of the regulator's investigation into the suspension of the Arch Cru funds.

'The FSA has also undertaken a visit of Cru offices as part of the progress of investigating the fund suspensions,' the firm has said in a statement on its website.

Citywire sources also said that the FSA has visited the offices of fund managers Arch Financial Products, although the company has declined to comment on questions about the suspension.

In a seperate letter Cru has prepared for advisers to present to their clients, the firm says it expects the suspension of the Arch Cru fund range to extend beyond the end of May.

Capita, the authorised corporate director for the £400 million fund range, said earlier this month that the suspension would be likely to continue at least until the end of May.

‘We have been informed that it is most unlikely, given the work necessary, that we will have a definitive position at that point and we fully expect the suspension to continue beyond the end of May,’ reads the letter.

Cru believes Capita will present investors with a series of options for the future of the funds, according to the letter.

‘We understand that at the end of this process Capita will write formally to all investors setting out the position and the option or options available,’ reads the letter.

‘This will almost certainly include asking investors to vote for the solution that they find most meets their needs or to approve a specific option recommended by Capita.