On Wednesday 23 November the All Party Parliamentary Group on Arch Cru was formed in a meeting at the House of Commons. Two key representatives from the Financial Services Authority were in attendance at the meeting.

 

Committee Room 18 in the House of Commons was packed with over 30 MPs, including Mr. Cash, and representatives for a further 50 additional Members to hear a one hour discussion. 

 

Key concerns were raised and responses offered at the meeting. Bill Cash, who has a number of constituents affected by the issues, attended the meeting and spoke on the role of auditors and where investigations should focus. Bill is a member of the All Party Group on Arch Cru and is continuing to press the concerns of his constituents with ministers and other MPs in the group. 

 

Mr Alun Cairns MP and Mr Tom Greatrex MP were elected as Co-Chairmen of the new All-Party Group and Guy Opperman MP as Secretary. 

 

The FSA agreed to consider the following: (i) to clarify the initial Capita FM offer letter to investors to dispel misinterpretations, and (ii) to consider trying to get all other parties, including those not under their regulatory responsibility, into one room to have a global discussion regarding the ongoing concerns and settlements.

 

The new Group will now ask Capita and the Financial Services Ombudsman to attend a future meeting.

 

Mr Cameron also agreed this week to consider what further actions could be undertaken, in response to a question raised at Prime Minster’s Questions.