Arch cru

A Conservative peer has drawn parallels between the collapse of Arch cru and the Bernie Madoff scandal, stressing the need for the regulator to do more to protect consumers.

Last week it was announced Richard Saunders, the chief executive of the Investment Management Association (IMA), is stepping down after a decade overseeing the trade body.

Robin Farrell, the chief executive of Arch Financial Products, has formally launched a defence against claims he made secret profits amid the Arch cru funds collapse.

Financial advisers are being urged to join a newly-formed Arch cru pressure group to fight against the Financial Services Authority's (FSA's) controversial redress proposals.

The vast majority of advisers who risk-rated the Arch cru funds ranked them as either low, low-to-medium or medium risk investments, FSA figures suggest.

Advisers may be faced with an extra £33m in Financial Services Compensation Scheme (FSCS) levies as a result of firm failures caused by a proposed £100m FSA Arch cru redress scheme.

ARCH CRU

The chief executive of Arch Financial Products (AFP) has hit out at Capita after the board it appointed to administer the Arch Cru cells hit him with a £26.6m lawsuit.

The Financial Services Compensation Scheme (FSCS) is to levy life, pensions and investment advisers for an extra £38m, as it begins making part-payments to Arch cru investors with eligible claims against failed IFAs.

REGULATION