Today's censure of Capita Financial Managers (CFM) by the FSA is a damning indictment of the firm's failings - and a vindication of advisers' pleas.
The FSA's final notice against Capita lists failing after failing by the firm during its tenure as authorised corporate director of the Arch cru fund range. As far as I can see, there is not one area of its responsibility in regards to the Arch cru fund range it discharged correctly. How could advisers who recommended the Arch cru funds to clients have known Capita would be so negligent? The answer is, without the benefit of hindsight, they couldn't. If Capita had done its job properly, the problems with the fund would have been flagged earlier, saving many investors - and advisers...
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