How very refreshing (Arch Cru investors say no to review – p2 MM 29/11/12), that the individuals who are “in it,” as it were and are sustaining prolonged financial losses, can see through all the smog created by a failing regulator in its death throes and state that the main culprit of the Arch Cru debacle is the failure of Capita FM.
Furthermore, finally Capita is censured over its systematic inadequacies, but the deal between our esteemed regulator, Capita and HSBC/BNY Mellon has already been done months ago. It appears that in a negotiation with large businesses the FSA blinked first and accepted a paltry sum compared to the full cost that should have been levied. Meanwhile IFAs who recommended the funds in good faith, but we now all know, naively, based upon the information provided have to pick up the shortfall to reimburse the policyholders. Is that just?
Apparently, another stinky piece of cheese passes under the snout of the regulator, just like: Keydata, Northern Rock, Equitable Life et al. I think the military call it asleep on duty and a court martial would be forthcoming.
The regulator can at the same time puts its teeth back in to chase a poor old pensioner who had the misfortune of working as an IFA, one John Calland, a man with no resources to make the kind of big business challenge that Capita obviously have.