FSA commits to reviewing Arch cru redress information

Margaret Cole, managing director of the FSA's conduct unit, has pledged to MPs the regulator will look again at how Capita calculated redress for Arch cru investors under its £54m payment scheme.

The FSA also committed to bringing "all parties involved in Arch cru" - including Capita, HSBC, BNY Mellon and representatives of the Channel Island Stock Exchange - together to disuss the issue of the suspended fund range. More than 30 MPs attended a meeting in Westminster today to discuss widespread investor anger at what they feel is inadequate provision under the FSA-brokered scheme, and a lack of transparency over who is to blame for the fund's failure. Back bencher Tom Greatrex, who co-chaired the closed meeting of MPs and the FSA, said there is a "fairly strong feeling" among M...