The FSA today proposed a £100m redress scheme for Arch cru investors which, if agreed, will force many IFAs to review their sales and, where necessary, compensate clients. IFAonline explains how it will work.
Who does this affect? Any advisers who sold Arch cru funds could potentially be affected. The FSA has identified 795 businesses it believes sold the investments. What if I am among them? If today's proposals are given the green light later this year, firms will have to consider the position of all customers advised to invest in Arch cru funds. They will first be required to determine if they are within the scope of the scheme, then ascertain whether the advice to invest in Arch cru funds was suitable or unsuitable, and whether the consumer relied on that advice to invest in the fund...
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