We announced a £54m package for investors in the suspended CF Arch cru Diversified Funds and CF Arch cru Investment Funds on 21 June 2011. Investors eligible under the Payment Scheme are now being contacted with further information. Find out what this means for them.
This package, which is known as the 'Payment Scheme', has been funded voluntarily by the authorised corporate director of the CF Arch cru funds, Capita Financial Managers Limited (CFM), and the CF Arch cru funds’ depositaries, BNY Mellon Trust & Depositary (UK) Limited (BNYM T&D) and HSBC Bank plc (HSBC).
CFM wrote to all investors on the register of shareholders with details of the payment scheme on 31 August 2011.
CFM will write to these investors again by 31 October 2011 to tell each one how much they will be offered under the Payment Scheme. In most cases, investors will then have until 31 December 2012 to accept this offer.
In accepting the offer, investors will give up certain rights to make claims against the three firms contributing to the Payment Scheme, so investors should carefully consider the terms of their offer.
CFM will not be writing directly to investors who hold their shares in the CF Arch cru funds through another company, like a stockbroker or fund manager, because these investors do not appear on CFM's register of shareholders.
CFM will instead write to the companies holding the shares on behalf of these investors. Such companies should then contact their own clients about the payment scheme.
We amended the regulatory permissions of CFM, BNYM T&D and HSBC on 31 August 2011, so the Financial Ombudsman Service has to follow the rules of the payment scheme when assessing complaints against these firms about the CF Arch cru funds.
What should you do next?
You can get further information about the payment scheme on the CFM's website (enter the ’Investor Services‘ section, go to ‘Investor Communications‘ and click on ’CF Arch cru fund suspensions‘) or by calling CFM on 0845 608 0958 (+44 20 3367 8275 from overseas).
Investors who have an interest in the CF Arch cru funds but hold their shares through another company should contact that company about any offer from the payment scheme.
Investors may also contact our Consumer Helpline for further information.
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