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FSA drops investigation into cru founder Jon Maguire

The FSA has dropped its investigation into cru founder Jon Maguire, Money Marketing understands.

The regulator initially began investigating Maguire in 2011 for the financial management of cru and his conduct as the controlling director of a regulated firm.

Maguire led marketing efforts to promote the £360m Arch cru fund range to IFAs and caused controversy by attacking commentators who expressed doubts about the range in Money Marketing.

The range was suspended in March 2009 due to worries there was insufficient capital to meet redemptions.

The FSA agreed a £54m payment scheme between authorised corporate director Capita Financial Managers and depositaries BNY Mellon and HSBC in June 2011. In November, the FSA censured Capita for failures in its role as ACD.

Separately, the FSA announced in December it will introduce a consumer redress scheme for Arch cru investors where advice was unsuitable. The FSA estimates the scheme will pay between £20m and £40m in redress.

Maguire is not currently active on the FSA register.

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