View more on these topics

cru fears FSA action

cru Asset Management is concerned that the Financial Services Authority (FSA) may want the Arch cru fund range, which was suspended on March 13, to be liquidated at the earliest possible opportunity.

A statement published on cru’s website says this decision may be made “on the grounds that although the structure of the funds is not against the letter of regulation in respect of ‘alternative assets’, it is against the spirit.”

The statement, signed by cru managing director Marc Ainscough, adds that cru is seeking a meeting with the FSA.

“This will be to impress on the regulator that over 90% of investors would prefer a long-term solution to the future of the funds, and that any forced sale of underlying assets will be to the detriment of investors and may result in losses being crystallised unnecessarily.”

Related Articles:
cru to pay trail fees
Arch cru suspension to be extended

Recommended

Expats can get FSCS protection

AES International has launched a whole of market wrap platform which includes a managed banking service to help expatriates get protection under the UK Financial Services Compensation Scheme.

Trust tax rate will rise to 50%

From April 2010, the tax rate of trusts will rise to 50 per cent. This replaces the 45 per cent additional rate announced in November’s pre-Budget. The dividend trust rate for discretionary trusts will also increase from 32.5 per cent to 42.5 per cent.

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment