15th February 2016
The Financial Services Compensation Scheme (FSCS) has paid over £58m compensation to CF Arch Cru claims since 2012. Up until 2013, FSCS initially paid customers on an interim basis and planned to make top-up payments to customers once the CF Arch Cru funds crystallised. The wind up of funds was due to take place in 2015.
CF Arch Cru funds did not wind up in 2015 as expected. Therefore we could not make final top-up payments to affected customers.
FSCS is considering how to continue with the part-compensated claims and will update affected customers in April 2016 regarding the approach to be taken. Customers do not need to take any action in the meantime.
From April 2013, we processed claims using the approach outlined by the Financial Conduct Authority’s Consumer Redress Scheme. Therefore, this development will not affect the claims we looked at after April 2013.
Previous updates about CF Arch Cru: