The majority of Arch cru investors do not want the advice they received from their adviser reviewed as part of FSA redress plans.
A Regulatory Legal Solicitors poll of 285 Arch cru investors, conducted after Capital FM was censured but not fined by the FSA this week, shows 58 per cent do not want the advice they received reviewed. Under plans for the £110m consumer redress scheme, advisers will have to review all past Arch cru business, paying redress were applicable.
Only 8 per cent of Arch cru investors blame their IFA for losses compared to 69 per cent who blame Capita FM, while 98 per cent believe Capita FM’s punishment has been ”inadequate”.
Thirt- six per cent of respondents said the advice received was suitable, 15 per cent argued it was unsuitable while 49 per cent say it was unsuitable but not entirely the fault of the IFA.
A Regulatory Legal spokesman says: “What is odd is that IFA firms, their insurers and the FSCS will take the largest burden when the overarching responsibility should not lie with them.”