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FCA Arch Cru redress scheme to pay out £31m

by Jun Merrett on Jan 27, 2014 at 10:55

The Financial Services Authority launched a consultation for its Arch Cru consumer redress scheme in April 2012 which initially expected to return £110 million to clients who were mis-sold the funds.

In December 2012 it confirmed it would proceed with the scheme that would seek compensation from advisers. Advisers originally had until May 2013 to contact clients about the scheme and 9 July 2013 to inform the regulator of clients eligible for the scheme.

However the FCA had to chase firms up twice. It wrote to firms in August 2013 who had failed to provide the number of eligible claimants and again in October 2013 when it wrote to 30 firms who had seen less than 20% of clients request a review.

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