David Davis MP ‘uses his political clout to raise awareness for Arch Cru’

As reported in the New Model Adviser:

“George Galloway has garnered the support of 31 MPs, including ex-Liberal Democrat leader Ming Campbell and former Tory leadership candidate David Davis, for his campaign against Capita Financial Managers and the Financial Conduct Authority (FCA) in relation to Arch Cru.

Galloway , Respect Party MP for Bradford West, lodged an early day motion in Parliament in June in which he condemned the failure of Capita and the FCA to fully compensate investors who had money in the Arch Cru funds.

The 31 MPs also includes Ann Begg, who is MP for Aberdeen South and chair of the Work and Pensions Committee, and Paul Goggins, MP for Wythenshawe and Sale East, who has also raised questioned about the Arck investment scandal.

David Davis, MP for Haltemprice and Howden, has previously used his political clout to raise awareness for Arch Cru as in April 2012 when he wrote to the Serious Fraud Office to in an effort to secure an investigation into Arch Cru.

Galloway’s motion demands the FCA enforces Capita to compensate investors and calls on the chancellor and the financial secretary to the Treasury to act ‘immediately’ to ensure failings like Arch Cru never happen again.

The motion said: ‘That this House condemns the failure of Capita Financial Managers Limited and the Financial Conduct Authority to compensate fully the 20,000 innocent people affected by the suspension of the UK authorised and regulated Arch Cru investment funds.

‘[It] notes that investors, many of whom put in their life savings, were informed these were low risk funds; holds Capita responsible for failures in oversight of the funds, the investments of which were hidden behind Guernsey cell companies to give them the aura of eligible holdings, is gravely concerned that this failure may well impact on investors in some of the other 230 funds, worth around £20 billion managed by Capita.’”