FOS reveals details of upheld Arch Cru complaint against IFA

The Financial Ombudsman Service (FOS) has revealed the details of a provisional judgement against an IFA who invested clients in Arch Cru.

The unnamed IFA must pay Ms P and Mr M the £8,000 they invested plus 1% more than Bank of England base rate compounded yearly from the date of investment, within 28 days. Any compensation the couple are entitled to under the FSA-brokered Capita payment scheme is to be deducted from the total redress the IFA must pay. However if a planned judicial review into the scheme is successful, and the couple's entitlement to it is withdrawn before 31 December 2012 preventing them from limiting their losses, the IFA will be liable for the whole £8,000, plus interest. In his decision, Obudsman...