FCA writes to advised Arch cru clients over low redress opt-ins

The Financial Conduct Authority (FCA) is writing to clients of advisers who reported a below average opt-in rate for its Arch cru redress scheme - to ask if they believe they had been properly informed.

It wants to know if firms sent the clients the "appropriate communications" about the scheme. Under the redress scheme, which was announced in December 2012, firms that advised on investments in the CF Arch cru Investment and Diversified funds have been required to contact all their clients asking if they want their case reviewed. Clients who opt for a case review and receive redress will be put "back into the position they would have been in had they received suitable advice". On average, the FCA says 48% of advised Arch cru investors - equating to more than 3,300 individuals - ha...