Russell Brown
Main Page: Russell Brown (Labour - Dumfries and Galloway)Department Debates - View all Russell Brown's debates with the HM Treasury
(13 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
My hon. Friend is right, and, in the case of the Opposition, their plan is plan B for bankruptcy.
Mr Russell Brown (Dumfries and Galloway) (Lab)
T9. About 20,000 UK citizens, including some of my constituents, have lost their savings by investing in the fund management company, Arch Cru. Will the Chancellor step in and investigate the role of the Financial Services Authority in the failure of that company?
The Financial Secretary to the Treasury (Mr Mark Hoban)
The hon. Gentleman may well be aware that today an announcement was made of a voluntary scheme that we have put together to make available £54 million of compensation to Arch Cru investors. That, together with a previous payment to consumers, means that they will have recovered about 70% of the value of their holdings in Arch Cru funds as of the date when the funds’ trading was suspended. That is a welcome move for Arch Cru investors, the FSA is continuing to look at the matter, and it would be inappropriate to make any further comment on it.