Arch Cru: FCA writes to advisers who failed to report on redress scheme

The Financial Conduct Authority (FCA) has written to advisers asking them why they failed to comply to its redress scheme rules in reporting back on the number of eligible Arch Cru claimants they had on their books.

Under the redress scheme advisers had one month, from April 2013, to write to their clients and offer a case review, which, if found they had given bad advice, will put the client back into the financial position they would have been in had they received suitable advice. The FCA's consumer redress scheme (CRS) has so far seen 3,333 investors opt in - a 48% turn-out of investors contacted by the relevant firms. The FCA has heard from 443 firms so far, who reported that 7,021 cases were within the scope of the scheme, which became effective from 1 April this year. However, there are ...