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Cru says FSA may view funds as “against spirit of regulation”

Cru has warned that the FSA may view the structure of its suspended funds as “against the spirit of regulation”.

In a statement to advisers, Cru managing director Marc Ainscough says his firm needed to discuss the matter with the FSA as a matter of urgency in order to ensure that the regulator does not decide to liquidate the funds in a fire sale.

Ainscough says: “We have a concern that the FSA might like to see these funds liquidated at the earliest possible opportunity 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.

“This clearly is not a matter for ARCH or Capita as the Financial Services Authority regulated the funds over the past three years. Thus, we need to address this issue directly with the FSA as a matter of some urgency.”

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