Financial advisers are expected to fork out £31.5m in compensation to clients who invested in the CF Arch cru Investment and Diversified funds (Arch cru) and were found to have received unsuitable advice.
The Financial Conduct Authority (FCA) said today total redress due under the scheme is calculated to be £31.47m. In December 2012, it was estimated the compensation package would deliver between £30m and £40m for affected investors. The compensation payouts have already begun, and so far more than £8.26m has been received by consumers, the FCA said. The money paid out under the scheme, which is overseen by the FCA, is in addition to any redress investors may have received under a separate process administered by Capita Financial Managers. Under the FCA's consumer redress scheme 3,4...
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