The Financial Services Authority (FSA) has launched a three-month consultation on establishing a £100m consumer redress scheme for Arch Cru investors.
It could deliver more than £100m compensation to investors who were mis-sold the CF Arch cru Investment and Diversified funds. The proposed redress scheme is in addition to the £54m payment scheme announced last year, involving Capita Financial Managers Limited (CFM), BNY Mellon Trust & Depositary (UK) Limited (BNY) and HSBC Bank plc (HSBC). It said: "Evidence gathered by the FSA indicates widespread mis-selling of the Arch cru funds. These were high-risk funds, sold unsuitably as low or medium risk, leading to significant consumer detriment. "The FSA requires that authorised advis...
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