Arch Cru Update - a big win in the High Court & an update on financial recovery for victims from APG for Arch Cru Victims

I am now the Chairman of the All Party Group for Arch Cru Victims. The vicitms invested and lost over £400 million. The investments were meant to be secure, non risky. Some investors invested only £5000, others over half a million. I have met many of the Tynedale victims in surgeries and special meetings. Every one is very upset, much poorer and justifiably angry.

They have suffered a lot. As usual, I have done an update to every member of parliament who has a constituent who has suffered a loss - and whose MP has bothered to join the All Party Group. I do stress that All Party Groups are unpaid and entirely self supporting: I, and my small staff in London (2 people) run two All Party Groups - Arch Cru and the All Party Group in support of Air Ambulances. My staff have become quasi experts in both issues as we run these campaigning groups on top of our usual work as an MP, and my work in the Home Office. I owe Charlie and Dan a huge thank you for their efforts down the years.
 
Along with Equitable Life the Arch Cru financial scandal has been the most upsetting issue for me as an MP these last 4 and a half years. Trying to help decent blameless people who have lost all or most of their savings is a thankless task, but one which we have made some progress on. Equitable Life has finally got a variety of government payouts, notwithstanding the recession / shortage of government money after a 20 year wait and successive governments. I am mindful that victims would like more and have met many of them.

My December letter sent to every one of the Arch Cru MPs for forwarding on to their constituents is below:
https://www.scribd.com/doc/250898074/APPG-December-2014-Update

Subsequent to the letter being sent out in mid December I received the brilliant news that Mr Justice
Paul Walker has found for the Administrator of the Cells of the SPL Guernsey ICC in their claim against Arch Financial Products and Mr Robin Farrell. This recovery is part of the several legal claims that are being pursued to get more money back for victims [as referred to in the December 2014 update above]. However, as all lawyers will tell you, judgment is all very good and well, but recovery of the money is what matters to the victims: and that will be a job for 2015. I will update MPs in January with more details. However, for the moment the press release post judgment is here:
https://www.scribd.com/doc/250898067/SPL-Guernsey-ICC-Press-Release

I, for one, do not wish Mr Farrell a happy new year, and will be urging the Administrator to pursue Arch and Mr Farrell for the money, by all means necessary and legal. The judgment is damning against both Arch and Farrell.

"The Cells' claims alleged, as against Arch, breach of fiduciary duty, breach of contract and negligence, and, as against Mr Farrell, dishonest assistance of Arch in breach of its fiduciary duties and inducing breach of contract.
Mr Justice Walker concluded that the claims against Arch and against Mr Farrell succeeded and has made an order for damages, jointly and severally payable by Arch and Mr Farrell, in a sum in excess of £22m, plus interest and costs.
Permission to appeal was refused."

The future for regional banks event 6/11 with Sajid Javid

Very excited that we have now sorted the agenda for our second regional banking event
The Future for Regional Banks event takes place next Wednesday at
Sixty One Whitehall London SW1A 2ET Over 150 people are coming, including over 15 media organisations. We are keeping speeches short so that we can get as many questions in.
There is still time to come along. There is still time to set up your local bank!

Agenda
09.00-09.40   Registration
09.40-09.45  Welcome
Guy Opperman, MP for Hexham, event chairman

09.45-10.00   Introduction
Anthony Thomson, Founder & Former Chairman of Metro Bank & Chairman of the Financial Services Forum & the National Skills Academy for Financial Services                                  

10.00-10.15   Speech -  Sajid Javid, Financial Secretary to the Treasury and MP for Bromsgrove

10.15-10.30  1st Panel Discussion
        Jeff Prestridge, Editor, Mail on Sunday (7-8 minutes)
         Sam Woods, Prudential Regulatory Authority (7-8 minutes)
        Sajid Javid, Financial Secretary to the Treasury and MP for Bromsgrove
        Anthony Thomson

11.00-11.30   Coffee Break

11.30-12.00   2nd Panel Discussion
Nicola Wildman, Manager, Banking Authorities, The Financial Conduct Authority (10  minutes)
Thomas Keidel, Director of Financial Market Relations, German Savings Banks Association (10 minutes)
Lakshman Chandrasekera, Chief Executive, London Mutual Credit Union (10 minutes)
12.30-13.30   Buffet Lunch

UPDATE: Jeff Prestridges short article on the conference from Sunday's Mail on Sunday
Fierce competition – supported by easy switching – is key to ensuring consumers are better served by the financial services industry. It’s an argument leading business academics such as David Llewellyn, Professor of Money and Banking at Loughborough University, have been banging on about for ages.
Llewellyn is a big believer in a diverse marketplace populated by vibrant building societies, credit unions and friendly societies as well as shareholder-owned banks and financial firms. And it’s a theme that will be taken up this Wednesday when a mix of bankers, regulators and politicians meet to explore the appetite for the creation of numerous regional banks that could challenge the status quo.
The one-day conference is being spearheaded by Anthony Thomson, former chairman of challenger bank Metro. He is adamant more banks are needed so better financial products are offered, customer service improves and mis-selling is brought to an end.
Thomson wants more banks that are community focused and alive to the financial needs of growing local businesses – the bedrock of our economy. Such a model is one Handelsbanken already adopts here with great success.
With the regulators making it slightly easier for new banking entrants to be authorised, he is confident 15 new banks could open in the UK in the next five years. Let’s hope he is right.