Sunday, 27 November 2011

FSA concerning the Arch Cru Scandal

80 MPs or their caseworkers squeezed into Committee Room 18 of the House of Commons last wednesday to hear the FSA explain the proposed deal to Arch Cru investors, why the offer letters are so confusing and why they are not going after other potential parties.
We have formed an All Party Group to seek a better deal for investors - thousands have lost money up and down the country.
We defintely made progress: a full copy of the press release is set out below
Today saw the formation of an All Party Parliamentary Group on Arch Cru.

Mr Alun Cairns MP Vale of Glamorgan and Mr Tom Greatrex MP Rutherglen and Hamilton West were elected as Co Chairman of the Group and Guy Opperman, MP, for Hexham, as Secretary.

Two key people of the Financial Service Authority were in attendance.
Committee Room 18 in the House of Commons was packed with over 30 MPs and representatives for 50 additional Members to hear a one hour discussion. This proved to be very helpful and a very positive response from given from the FSA. A list of key issues were raised and key answers given.

The FSA agreed to
a) clarify the initial Capita FM offer letter to investors to dispel misinterpretations and
b) to try to get all other parties, including those not under their regulatory responsibility into one room to have a global discussion on the ongoing concerns and settlements.
The Group resolved to ask Capita and the Financial Services Ombudsman to attend a future meeting.
The matter was also raised by Mr Greatrex in the House of Commons at Prime Minsters questions at which the Mr Cameron agreed to consider what further actions could be undertaken.
The FSA stressed that the urrent offer is solely limited to HSBC, Bank of New York and Capita FM and no other parties. They reiterated their view that the current offer is a good deal against those three parties.