17th February 2014
Since our previous update, the Serious Fraud Office (SFO) announced that two former partners of Arck LLP, Kathryn Joy Clark and Richard Aston Clay, have been charged with fraud and forgery offences by the SFO and Nottinghamshire Police. The trial is due to take place in January 2015.
Due to the ongoing criminal proceedings, FSCS is not able to reach a view on the liability of the independent financial advisers (IFAs) against which we have received claims at this time. In particular, FSCS is not able to confirm whether any losses incurred by investors were caused by the advice they received from their IFA to invest in Arck LLP. However, we will continue to monitor the situation and will provide further information as soon as we are in a position to do so. We regret the continuing uncertainty, but unfortunately we cannot finalise our position at this time.
In addition, as explained in our update of 22 August 2013, we have been considering the liability of HD Administrators LLP in relation to those investments in Arck LLP which were held in the HD SIPP. Our investigations in respect of these claims are ongoing.
FSCS will provide further updates regarding claims relating to Arck LLP and HD Administrators LLP as soon as we can provide more information.