28th December 2011
In our last update on 20 July 2011 we explained that we were considering the role of independent financial advisors in connection with advice to invest in CF Arch cru Funds. We also explained that we were determining an appropriate basis for valuing the investments in these funds in the event that we conclude that investors are entitled to receive compensation under the FSCS’s rules.
Our work in these two areas continues and we are not yet therefore in a position to confirm how the FSCS will assess claims in relation to the CF Arch cru Funds. As soon as we are able to provide more definite information we will update claimants but in the meantime please be assured that we are working to progress matters as quickly as we can.
In the meantime Capita Financial Managers Limited and the FSA have announced details of the CF Arch cru Funds payment scheme (“the payment scheme”) under which a £54m package has been prepared in order to make payments to eligible investors in the CF Arch cru Funds. This is in addition to Capita’s winding down of the CF Arch cru Funds, the proceeds of which are due to be paid to investors. The FSCS is not a party to these arrangements. However we have provided answers to a number of frequently asked questions in order to give some guidance on the FSCS’s position in relation to the payment scheme.
The FSA has also issued a bulletin regarding CF Arch cru on 29 November 2011 on its website.
FSCS will issue further updates when we have more information.