Here are some tidbits from the release:
The Financial Services Authority (FSA) has warned of a liquidity gap at the heart of Keydata’s Defined Income Plans and accused the firm’s founder Stewart Ford of trying to mislead its investigators over £4 million paid to him by the business, court documents reveal.
The problem uncovered by the FSA is that the underlying US policyholders with the life settlement contracts held by Lifemark were not dying fast enough.
Although Lifemark’s $1.3 billion of life settlement assets are ultimately thought to be sufficient to meet its obligations, the 23,000 investors with £350 million in Lifemark could face delays in payouts in 2012-13.
The Lifemark bonds which underpin Keydata customers’ investments are managed by a Luxembourg-based company called Tandem Partners Sarl. ‘Lifemark is not making any comment at this time,’ said Colm Smith, director of Lifemark and Tandem.
Full Article:
www.citywire.co.uk/professional/-/news/wealth-management/
