26/10/2011 - MPs Tackle FSA On Arch Cru
MPs Tackle FSA On Arch Cru.
This follows a recent Parliamentary debate about the FSA’s compensation package which was agreed back in June between the regulator, BNY Mellon Trust and Depositary Ltd, Capita Finance Managers and HSBC, which states that anyone taking compensation must accept it as a full and final settlement against the firms.
Investors should get back 70% of their investment, alongside distributions already made and remaining assets, but investors who feel they were mis-sold the fund can pursue further claims against their IFA.
However, Parliamentary group co-chair Greatrex believes it is unfair for IFAs to be landed with this and Conservative MP and the group’s secretary Guy Opperman backs this up stating that this was marketed as a safe, cautious fund ideal for a pension transfer, so cannot see what IFAs have done wrong
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