Consumer panel asks FSA to extend Arch cru deadline

The Financial Services Consumer Panel (FSCP) is urging the Financial Services Authority (FSA) to seek to extend the deadline for a £54m Arch cru payment scheme involving Capita, BNY Mellon and HSBC.

It said there would be "significant consumer benefits" in ensuring it remains open to new claims while a separate redress scheme set up by the FSA runs its course. Last year, the regulator arranged a deal in which the professional firms that provided administration services to the funds - Capita, BNY Mellon Trust and HSBC - contributed £54m to a voluntary payment scheme for investors. The deadline for investors who want to accept that deal is in December. But the FSCP argues it should be extended as it could impact consumers who may also receive compensation from a separate, FSA-ru...