Call to review Yorkshire Bank role as Arck provider
The 150 claims, including 86 claimants from Yorkshire, were submitted by law firm Regulatory Legal (RLS) on behalf of investors. The firm represents around 400 Arck investors claiming £25m in losses.
Michael Cotter, solicitor at RLS, said: “Because the issue here is the failure of Yorkshire Bank to apply established safeguards and controls, it is completely appropriate the FOS should become involved in assessing and reviewing claims on behalf of individuals.” A spokesman for the FOS said: “We’re currently investigating to see if these cases fall in our jurisdiction.”
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Hide AdA spokesman for Yorkshire Bank said: “We are aware of the points raised by RLS, but are unable to comment due to the ongoing investigations into Arck.”
A spokesman for Nottinghamshire Police confirmed two people were on bail in connection with Arck LLP. No charges have been brought, the spokesman added.