28th February 2012
Compensation for investors in Arch Cru is a step closer today (27 February 2012). The Financial Services Compensation (FSCS) has considered the role of some independent financial advisers (IFAs) in relation to the firm, and believes that eligible claims may exist.
FSCS has found some failed IFAs may be liable for losses suffered by consumers where mis-selling can be shown to have occurred.
FSCS’s work to value the assets of the firm continues, including how the Scheme will calculate any compensation due to people.
The Scheme will update consumers in late March with more information about the application process for claims and how it will quantify claims.
Since 2001, FSCS has helped more than 4.5m people and paid out more than £26bn in compensation when firms went bust.