Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Why the FSA sanctioned Capita over Arch Cru

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.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter