FOS awaits clarity on FSA package for Arch cru
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The Financial Ombudsman Service has put all complaints over the Arch cru fund range on hold while it awaits further details of the FSA’s £54m investor package.
The FSA unveiled the £54m package in tandem with Capita, BNY Mellon and HSBC last month. The deal, alongside the distributions already made and remaining assets, is designed to give investors an average of 70 per cent of the net asset value of the CF Arch cru fund range when it was suspended on March 13, 2009. Up to 20,000 people were invested in the range.
The FSA says if investors accept the payment it will be a final settlement of any claims against the three firms. However, investors can still pursue their IFA.
The FSA is currently working out the details of the scheme, while Capita has said it will be writing to update investors with further information before August 31, 2011.
FOS head of casework support Tracy Campbell says the ombudsman has received a number of enquiries about the complaints it’s received relating to Arch cru investments.
In a letter, she said: “Currently, the implications of how the payment scheme will work remain uncertain for all parties concerned. We must therefore wait for the FSA to confirm the details of the scheme before we are in a position to consider the complaint further. I will, of course, be contacting you once the details have been finalised, to explain what this means for your case.”
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