The Financial Services Compensation Scheme (FSCS) has so far compensated 1,700 claimants with a total of £32m in relation to the failed CF Arch cru funds.
The figure was revealed following the scheme's announcement in its newsletter last week that new firms had defaulted sparking further claims from investors who lost money investing in the risky funds. The FSCS has put the likelihood of a further interim levy for 2013-14 as ‘medium' and said it was forecasting a deficit of £1.2m between now and the end of June next year in its investment intermediation class. This means advisers may be asked to contribute further to compensate customers in the failed funds, as well customers of collapsed stockbroker Fyshe Horton Finney. A consumer r...
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