FSA censures Capita Financial Managers over Arch cru failings

The FSA has issued a public censure against Capita Financial Managers Limited (CFM) for its failings in relation to the CF Arch cru funds between June 2006 and March 2009.

Although CFM is the Authorised Corporate Director (ACD) of the CF Arch cru funds, in July 2006 it delegated the investment management of the range to a third party, Arch Financial Products LLP (Arch). The funds were then invested indirectly in private finance and private equity assets. However, the FSA said while CFM delegated the investment management of the funds, it remained responsible for the overall performance of the regulatory obligations in relation to the vehicles. In a note of censure released today, it said CFM failed in aspects of its oversight of Arch and did not not hav...