The Financial Services Authority (FSA) spotted flaws with the Arch cru marketing literature and ordered changes before the funds' suspension, Treasury financial secretary Mark Hoban has claimed.
Lawyers representing investors in the funds said they were unaware the regulator had changed any material. The apparent intervention by the FSA was mentioned by Hoban during the latest meeting of the Financial Services Bill Committee on Thursday. Asked by shadow minister Chris Leslie what powers the Financial Conduct Authority (FCA) would have to tackle misleading promotions, Hoban said it would be able to tell the public if and when action had been taken to pull or change promotions. Then he said: "It is important that people are aware of what advertising has been stopped," he sai...
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