Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Why the FSA sanctioned Capita over Arch Cru

1 comment
Why the FSA sanctioned Capita over Arch Cru

The Financial Services Authority (FSA) has written to Treasury Select Committee chairman Andrew Tyrie over the Arch Cru funds scandal, outlining the reasons behind its censure of authorised corporate director Capita and plans for a redress scheme funded by advisers.

FSA director of supervision Clive Adamson (pictured) said that the censure of Capita marked the end of its action against the group, but that it could not comment on any further disciplinary action related to the funds.

He added that the FSA had been co-operating with the Guernsey Financial Services Commission as part of its Arch Cru work. 'While we have no legal or other power over the Commission, we have been liaising with them with regard to the Guernsey-based firms involved in the funds,' he said.

Adamson also outlined the FSA's plans for a £110 million redress scheme funded by IFAs found to have mis-sold the funds. He added that while the regulator was consulting on the measures, investors were still able to submit complaints about the advice they received to the Financial Ombudsman Service.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter