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Conservative MP calls on SFO to investigate Arch cru

Conservative MP David Davis has written to the Serious Fraud Office in a bid to get them to investigate the suspension of the £400m Arch cru fund range.

According to The Financial Mail on Sunday, Davis says there is a number of concerns in the run up to the suspension that he wanted to bring to the attention of the SFO. As many as 20,000 investors placed money into the fund range.

The report says Davis has written to the SFO after discussing the matter with FSA officials last week, including FCA chief executive designate Martin Wheatley.

In June last year, the FSA, Capita Financial Managers, BNY Mellon Trust & Depository Ltd and HSBC Bank all agreed a £54m fund which will be used to make payments to the eligible investors in the CF Arch cru funds. In December, Capita estimated that the compensation package, when set alongside residual assets and distributions already made, would see investors receive around 66 per cent of their investment back.



Mervyn King admits BoE failings and calls for reforms

The Bank of England governor Sir Mervyn King has admitted the organisation could have done more to prevent the banking crisis and has renewed calls for reform in the troubled sector. Speaking at The 2012 Today Programme Lecture in London yesterday, King (pictured) said the BoE was not blind to what was happening in financial […]

Schroders bolsters fixed-income team with four hires

Schroders has strengthened its fixed-income team with the appointment of four people to work on the emerging market debt relative return sector. James Barrineau has joined the asset manager’s New York office as head of Latin American fixed income and co-head of EMD relative, working alongside Asian fixed income head Rajeev de Mello. Barrineau, who […]

Quality control

As lenders are increasingly putting quality of business before volume, Paul Thomas asks if this is a way of introducing proc fee cuts by the back door

Newcastle cuts interest-only LTV to 50%

Newcastle Building Society has reduced its interest-only maximum loan to value from 75 per cent to 50 per cent. If an interest-only option is selected, borrowers cannot pass 50 per cent LTV, even if the remainder of the loan is on a capital repayment basis. The society says it took the decision as a result […]

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]


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