19th January 2015
In February 2014, the Financial Services Compensation Scheme (FSCS) reported that it had received a number of claims against independent financial advisers (IFAs) relating to advice to invest in Arck LLP. These claims have been on hold pending the outcome of a joint investigation by the Serious Fraud Office (SFO) and Nottinghamshire Police against two former partners of Arck LLP. The partners, Kathryn Joy Clark and Richard Aston Clay, have now pleaded guilty to three fraud charges by the SFO.
Following the conclusion of these criminal proceedings FSCS now hopes to provide a further update relating to these claims by the end of March 2015.
We are sorry for the continuing uncertainty, and for any inconvenience this may have caused.
HD Administrators LLP
FSCS has been considered 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.
We will continue to provide updates regarding claims relating to Arck LLP and HD Administrators LLP on our website.