The Whitechurch Network spent more than £704,000 in 2013 settling claims related to advice given by its appointed representatives on Keydata and Arch cru.
The £704,313 cash outflow, which the group said had been provided for in previous years and was covered by its professional indemnity insurance, was "predominantly" down to Keydata and Arch cru liabilities. The Financial Services Compensation Scheme (FSCS) is attempting to pursue financial advisers who recommended clients invest in the now-collapsed Keydata Investment Services. The Financial Conduct Authority also requires advisers who mis-sold Arch cru to compensate their clients. The network was understood to be among the lead defendants in a FSCS test case which is set to determine...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
