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Arch cru investors to receive payment offer by end of October

Investors in the CF Arch cru fund range will receive a personalised offer outlining the payments they are entitled to from the £54m Payment Scheme by the end of October 2011.

Those with investments in multiple share classes or sub-funds of the CF Arch cru funds will receive a separate application pack for each of those investments.

The FSA has also restricted the payments the Financial Ombudsman Service can make against those involved in the £54m package. This means that cases brought to the FOS against Arch Cru administrators Capita and depositories BNY Mellon and HSBC, will only be awarded payments which are similar to those given through the £54m package. The FOS wil not be restricted to other parties, like advisers, by the scheme.

The FSA set out the £54m compensation package for investors in CF Arch cru funds in June. The deal has been agreed between the regulator, Capita Financial Managers, BNY Mellon & Depository and HSBC Bank. The deadline for those wishing to take part in the scheme is December 31, 2012, with the applications being accepted after that date.

The offer has been calculated on the total net asset value of the CF Arch cru funds based on the last published share price prior to suspension of dealing on March 13, 2009 and the NAV of the funds as at May 31, 2011, plus the amount already returned to investors by way of interim capital distributions up to May 31, 2011.

Investors in the CF Arch cru Funds will be treated equally under the Payment Scheme, as the amount that will be offered to each investor under the Payment Scheme will give them approximately 34 per cent of the difference between the value of the shares they hold based on the last published share prices prior to suspension of dealings on March 13, 2009; and the sum of the NAV of the shares they hold at May 31, 2011 plus interim capital distributions paid in respect of those shares up to May 31, 2011.

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Scottish Business Woman 7th September 2011 at 12:54 pm

    Capita, BNY Mellon, HSBC and the FSA.

    Birds of a feather who flock together.

    We all know what a settlement ‘without admitting liability’ means – and why the ‘investor detriment review’ will never see the light of day.

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