Capita makes individual offers to Arch cru investors
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Capita Financial Management has sent letters to Arch cru investors in the Arch funds to set out their entitlements under the £54m payment scheme announced by the FSA in June.
Investors have until December 2012 to accept the offer with payment made within six weeks of receipt by CFM.
CFM, BNY Mellon Trust & Depository UK Limited and HSBC Bank Ltd have all contributed to the £54m deal.
The FSA has bound the Financial Ombudsman Service to the rules of the payment scheme, this means that an investor cannot be awarded a higher amount by the FOS than they would receive under the scheme.
The FSA’s decision to bind the FOS is currently the subject of an application for judicial review brought by an independent financial adviser, Coull Money Limited. The FSA is opposing the application.
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