Thursday, Oct 29, 2009
Another one bites the dust! (see Jack C's earlier post)
Financial Service Authority: Arc Capital & Income plc goes into administration
"ACI were involved in providing structured investment products to retail investors via Independent Financial Advisers (IFAs). They dealt with approximately 10,000 UK investors... Carter Backer Winter LLP have been appointed as their administrators... The firm’s administration will affect investors in ACI products in different ways, depending on when they invested in the product and who provided the underlying securities.
Some of the structured products sold by the firm in 2008 were backed by firms in the Lehman Brothers Group. The marketing and distribution of these products, along with the wider structured products market, have been subject to an FSA review. Full details of this review will be published at the end of October."
Posted by mark wadsworth @ 10:38 PM (395 views) Add Comment
2 Comments
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1. jack c said...
MW - Arc are following in the footsteps of Keydata and NDFA as the fall out from Lehman's is now having a huge impact on the Sructured Investment Market. This could well hit BOMAD very hard because the perception from savers was that the structured products on offer were 'guranteed'. The other thing that has come to light is that many of the plans on offer have had the ISA approval retrospectively withdrawn and tmay not be protected under the FSCS.
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