My financial adviser told me to invest all my money in Arch Cru investments ? will I ever get it back?
My financial adviser told me in 2008 that it was a good idea to cash in my Peps and Isas and put all my money, �130,000, into Arch Cru funds, which I did. Then in March 2009, he told me the funds had been suspended. I kept telephoning him but he was not in his office. I realised something had gone very wrong. The financial ombudsman said it cannot deal with my complaint because my adviser is no longer in business. I am at my wits' end because it doesn't look as if I will get my money back. NS, Norwich
Yours is a sorry story with no happy outcome and years of uncertainly still to come. You have been let down by the people who created the complicated, and disastrous, �400m Arch Cru investment and also by your adviser who recommended Arch Cru in the first place.
Arch Cru was sold as a medium to low risk investment but it was, in fact, high risk. It was suspended in March 2009 by the funds' administrator, Capita, which has since made three small interim payments, less than �10,000 altogether for you, and expects to make another in July. More money will dribble out over the coming years as Capita sells off the complicated assets. Capita has a hardship scheme but only for those investors in the direst need.
When you first wrote to me, the firm where your adviser was a representative, Alpha to Omega, had been suspended by the financial services regulator and gone into administration. But it had not been declared in default by the Financial Services Compensation Scheme, which meant you could not claim compensation. Ten months later, it was and the FSCS has sent you the maximum that it can, �50,000. I have no words of comfort for you.
You can email Margaret Dibben at your.problems@observer.co.uk or write to Margaret Dibben, Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU and include a telephone number. Do not enclose SAEs or original documents. The newspaper accepts no legal responsibility for advice.
Source: http://www.guardian.co.uk/money/2011/may/15/margaret-dibben-arch-cru-funds
Gabriel Agbonlahor Canary Islands Debit cards Pop and rock Annuities Alexander Litvinenko
No comments:
Post a Comment