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.