Advisers face another FSCS interim levy after Catalyst/ARM failure

The Financial Services Compensation Scheme (FSCS) has said it expects to raise a supplementary levy on investment advisers before the end of the current levy year, to make up for losses incurred by the failings of ARM bonds and their distributor Catalyst.

Author: Carmen Reichman

IFAonline | 29 Oct 2013 | 10:33

Categories: RegulationRegulation

Topics: FSCS ARM Asset Backed Securities

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Bob’s Weekly Update

Dear Bondholders,

As you will all be aware, ARM is now in Provisional Liquidation. Mark Shaw of BDO LLP working with Malcolm Cohen, also of BDO LLP, now have exclusive power to control and manage the company’s affairs. Last week I could find little on the internet for you to read about him, so here is a snapshot supplied by the gentleman himself:

Importantant Notice

In last Friday’s Update No 51 In the section headed “The FCA part Two” I reported on the FCA Decision Notice in the case of Tim Roberts and Andrew Wilkins.

Last evening an IFA contacted me with his concerns that their appeared to be inaccuracies with the figures for tranches 9-11, and later on it was drawn to my attention by ARM that there were further errors in the document. The FCA yesterday released this much simpler statement see:

http://fca.org.uk/news/fca-bans-and-fines-timothy-roberts-and-andrew-wilkins

In view of this confusion, I have taken the unusual step of removing the hot-link in my Update to the original document, and asked Ian Ward to remove the decision notice from our website pending clarification of the issues associated with it’s contents.

I apologise to readers for any disquiet this action may cause them. I will revert to this subject again once we have received the necessary clarification.

Bob Sharpe

Bob’s Weekly Update

Dear Bondholders,

As I’m feeling unwell I’m afraid this will be a short report for readers today. I think I succumbed to the germs of many other passengers on the plane, as I returned from Prague the other day.  It seemed as though people were coughing and sneezing for the whole flight, and it makes me wonder if the Japanese tourists one sees in their flu masks have got it entirely wrong.
Addendum: On re-reading what I’ve written below I think this qualifies as a Regulator Special!  Also please note this Update has been changed to reflect changing news while I was writing it.

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