This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+cover+small+241014

Capita takes £17.9m hit over Arch cru

  • Print
  • Comment

Capita has taken a £17.9m hit in costs in its 2011 results following the collapse of the Arch cru fund range.

The costs represent Capita’s contribution towards the £54m compensation for Arch cru investors. In June 2011, the FSA announced that Capita Financial Managers, BNY Mellon Trust & Depository Ltd and HSBC Bank had agreed to contribute to a £54m fund, which will be used to make payments to the eligible investors in the CF Arch cru Funds.

Capita was authorised corporate director for the funds, which shut due to liquidity problems in March 2009.

Capita set aside a £30m provision for potential losses arising from the debacle in its 2009 results. Capita directors anticipate no further provision being required.

Capita revealed it made £385.2m of pre-tax profits in 2011, a 6 per cent rise on the £364.2m in 2010.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Do you think Citizens Advice is capable of delivering a good at-retirement guidance service?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments