View more on these topics

Maguire says bid for Arch Cru compensation will fail

Cru Investment Management founder Jon Maguire believes IFAs will fail in their attempt to seek compensation from Capita for losses their clients have suffered through the Arch Cru range.

Last week, Money Marketing revealed that around 1,300 complaint letters had been sent to Capita asking for the firm to refund their original investment in the CF Arch cru fund range. This total has now reached around 2,000.

The move was organised by law firm Regulatory Legal in association with over 120 IFA firms. Regulatory Legal says if the complaints against Capita – which acted as authorised corporate director on the range – are not resolved within eight weeks, they will be sent on to the Financial Ombudsman Service.

Maguire says: “What they are trying for has not been tested and it may get kicked out because they are trying to ask the FOS to rule on the behaviour of the ACD and not on the advice and I suspect they will find a reason not to go forward with it.”

He says he would like to see the group of IFAs succeed but suggests a better route to investor compensation would be for the FSA to step in.
Regulatory Legal partner Gareth Fatchett says: “Jon Maguire misunderstands the scope of the FOS. It can certainly consider the complaints against Capita as ACD.

“It is preferable that the regulator intervenes but in order for that to happen there needs to be a genuine request for a wider implications’ review. We believe the process we are following for investors puts massive pressure on the FSA to intervene.”


A time for bonds

Invesco’s corporate bond fund could be an investment for a difficult economy

Way hails next generation of absolute Fofs

Way Fund Managers sees its new absolute return funds of funds as part of the “next generation of funds with next-generation costs”. The Way absolute return portfolio fund has a low annual management charge and a tiered performance fee structure, which it shares with the Way Asian Spice and Way freestyle growth portfolio funds, which […]

RAB Capital to close European dynamic fund

RAB Capital is to close its £2.8m European dynamic fund as it is no longer economically viable to run. European dynamic is a Dublin-domiciled Ucits III Oeic launched in 2003. It is structured as a sub-fund of RAB Investment Funds. The fund, which has an absolute return mandate, had been a strong performer until the […]

FSA probing Coutts over AIG fund sales

The FSA has launched an investigation into Coutts & Co over the sale of the AIG enhanced fund. Royal Bank of Scotland, which owns Coutts, revealed last week as part of its interim results for 2010 that the investigation surrounds the sale by Coutts & Co of the AIG premier access bond enhanced variable rate […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. it becomes more and more clear that he is seriously sociopathic,no idea of the pain he is responsible for.Responsibility,pah!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm