FSA probes PI insurers on Arch Cru fund mis-selling claims
Professional indemnity (PI) insurers are in the firing line as the UK Financial Services Authority (FSA) continues its probe into the mis-selling of Arch Cru funds by independent financial advisers (IFA).
In a "Dear CEO" letter, the regulator warned PI insurers that it would take action if liabilities relating to Arch Cru claims were avoided.
In April the FSA proposed a compensation scheme of more than £100mn for the 15,000 investors who were mis-sold Arch Cru funds as low or...
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