Arch cru

Thousands of Arch cru investors have written to their MPs today accusing Capita of intentionally violating the Financial Services Authority's treating customers fairly (TCF) charter.

The MP who this week had his calls for a government inquiry into the controversial £54m Arch cru investors' payment scheme dismissed by the Treasury, has said the fight for answers will continue in the corridors of Westminster.

MPs from six political parties have this morning battered Capita with a tirade of attacks over its management of Arch cru investors' money, only to have their calls for a public inquiry into the debacle dismissed by Treasury secretary Mark Hoban

The FSA could face legal action for breach of its own rules unless it lifts restrictions on Arch cru investors claims at the Financial Ombudsman Service and launches a public consultation into the amount of redress they should receive.

The Financial Services Authority and Arch cru investors are caught in a 'Catch 22' deadlock over the release of information about Capita's role in the run up to the funds' suspension.

The Financial Services Authority (FSA) has said it is possible no-one is responsible for Arch cru investors' losses.

A number of the former Arch Cru cells have made tender offers to shareholders to purchase large portions of their holdings ahead of a planned delisting of the cell funds in early November.

J.P. Morgan's Private Equity limited has completed the purchase of a range of assets held by the former Arch cru funds.

A lawyer representing about 2,700 investors in the suspended Arch cru funds said today's letter from Capita detailing possible offers they could receive only created "more confusion not clarity".

One of the more lighthearted stories doing the rounds last week was the closure of former Arch cru chief Jon Maguire's fish and chip shop.