View more on these topics

Arck investors face further FSCS claim delays

Investors in failed property investment scheme Arck are facing further delays as the Financial Services Compensation Scheme continues to investigate claims against advisers.

In an update published on its website yesterday, the FSCS says it has moved “a step closer” to assessing the scheme’s financial position in relation investors’ claims after former Arck partners Kathryn Clark and Richard Clay pleaded guilty to three fraud charges in December. This followed a joint investigation by the Serious Fraud Office and Nottinghamshire Police.

“However, we are currently waiting for information from third parties which will allow us to finalise our position,” the FSCS adds.

“We apologise for the delay, and we will publish more information on our website as soon as we are able to.”

In March 2012 Money Marketing revealed how investors faced losses of around £50m after the liquidation of Arck, a specialist property investment firm that invested pension savings through Sipp firm HD Sipp. The FSCS is also considering claims against HD Sipp, a firm at which Clark was also listed as an administrator.

Recommended

Cicutti-Nic-2014-MM-700.jpg
13

Nic Cicutti: Tory IHT move appeals to voters’ naked self-interest

This may surprise one or two readers of Money Marketing, but I have never voted in a general election. We are not talking here about a Russell Brand-style rejection of all political parties, nor is this the result of apathy on my part. It is simply that my Italian passport precludes me from voting. That […]

flemingcampbell

Profile: How an Aussie lawyer became a global asset management CEO

The man at the helm of the recently merged business Columbia Threadneedle Investments is an industry veteran who has watched how increasing regulation has shaped the markets. A former board member of the Investment Management Association (now known as the Investment Association) and a governor of the Pension Policy Institute, Campbell Fleming says it is […]

Claire Trott Peach 250x255
5

Claire Trott: Extra layers of protection

The lifetime allowance is a contentious subject; many like me feel it is unfair to test benefits as they are paid in and when they are paid out. You cannot and really should not try and limit the growth of your pension fund, so the lifetime allowance charge is unfair and is just an easy […]

Justice-Fine-Ban-Court-Gavel-Judge-700x450.jpg
9

Heiress convicted of HSBC tax fraud

The heir to the Nina Ricci perfume and fashion fortune has been convicted of tax fraud by hiding millions in an offshore HSBC account. The BBC reports a Parisian court has sentenced Arlette Ricci to a year in prison, plus given an additional two-year suspended sentence. Ricci was also ordered to pay a fine of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment