The MP who this week had his calls for a government inquiry into the controversial £54m Arch cru investors' payment scheme dismissed by the Treasury, has said the fight for answers will continue in the corridors of Westminster.
On Wednesday, Labour shadow energy minister Tom Greatrex led a Parliamentary debate on the adequacy of the deal on offer from Capita, HSBC and BNY Mellon and the role of the Financial Services Authority in the fund range's downfall. Backed by about 30 other MPs, he called on Financial Secretary to the Treasury Mark Hoban, who was present at the debate, to launch an immediate government inquiry into the failure. Hoban rejected the request, saying no such inquiry has previously been undertaken by the government, and that it would be inappropriate to launch an investigation before the FS...
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
