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Capita makes individual offers to Arch cru investors

Capita Financial Management has sent letters to Arch cru investors in the Arch funds to set out their entitlements under the £54m payment scheme announced by the FSA in June.

Investors have until December 2012 to accept the offer with payment made within six weeks of receipt by CFM.

CFM, BNY Mellon Trust & Depository UK Limited and HSBC Bank Ltd have all contributed to the £54m deal.

The FSA has bound the Financial Ombudsman Service to the rules of the payment scheme, this means that an investor cannot be awarded a higher amount by the FOS than they would receive under the scheme.

The FSA’s decision to bind the FOS is currently the subject of an application for judicial review brought by an independent financial adviser, Coull Money Limited.  The FSA is opposing the application.

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  1. Joe Egerton - Justice in Financial Services 28th October 2011 at 10:03 am

    The decision by Capita to press ahead with its inadequate offer after the debate in the Commons on 19th October 2011 is disgraceful.
    Paul Pindar, the chief executive of Capita, is the British equivalent of a Russian oligarch who has made good by exploitation of state assets. This former civil servant earns more in a month than Members of Parliament in a year.
    But the MPs who stood up for the investors whom he has betrayed are worth far more than he is.
    The campaign run by Justice in Financial Services supporting the Coull Money JR will continue until Capita pays up. Shareholders in Capita need to understand that the arrogance and greed of their chief executive puts the future of the company in jeopardy. To join in contact joe@justiceinfinance.org

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