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View the article online at http://citywire.co.uk/wealth-manager/article/a645497

Why the FSA sanctioned Capita over Arch Cru

by Daniel Grote on Dec 13, 2012 at 14:09

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.

1 comment so far. Why not have your say?

PCIAM

Dec 13, 2012 at 15:12

Sanctioned but neither fined, subjected to a S166, or subject to other disciplinary action. Sounds like Capita bears a charmed life.

Can ayone think of any other large firms connected to TLPI funds who have got off lightly? PWC perhaps?

I wonder if any of them have hired ex-FSA employees. I wasn;t thinking about Barclays, by the way, who have a new Compliance Officer joining them.

Perhaps Citywire could do a 'where are they now' and join the dots. It would make for a very lively story.

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