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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.

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