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The FSCS is unlikely to recoup compensation costs from Keydata-backer Lifemark after it moved a step closer to administration, with its provisional adminstrator declaring it is unable to restructure it.
Advisers will contribute £33m towards the total expected cost of running the Financial Services Compensation Scheme (FSCS) in 2012/13, although they will also pay an additional interim levy of at least £40m before April.
The Financial Services Compensation Scheme (FSCS) says it expects to recover "very significant" sums of money paid out as compensation to investors mis-sold Keydata bonds.
Other Keydata articles
Plans to ban traded life policy (TLP) investments may have consigned the products to the investment bin – but advocates say they offer benefits like no other asset class.
The Association of IFAs (AIFA) has pledged to use 2012 to campaign for a more comprehensive regulatory structure for advisory businesses.
It’s been another busy (and in some instances raucous) year in financial services. While it’s been a positive 12 months in many respects for advisers, the regulator has again come in for criticism...
Last year's promised changes to regulation - which have long been going on in the background - gripped financial services publicly.
Intermediaries could face another multi-million pound interim levy after the Financial Services Compensation Scheme (FSCS) warned it may need an extra £40m to meet compensation costs this financial year.
An IFA who contacted his professional indemnity (PI) insurer to cover Keydata advice redress claims from lawyers for the FSCS has had his application rejected.
The Association of Independent Financial Advisers (AIFA) has called for the Financial Services Authority to be accountable over its intervention into the traded life settlement investment industry, which the trade body said has caused "real consumer detriment".
The pursuit by the FSCS and FSA of advisers who recommended Keydata products looks set to create a domino effect that will cascade far and wide.
Leeds-based IFA Lampott Ltd must defend a £2m claim for damages at the High Court, after it invested more than a third of a company pension scheme in failed life settlement firm Keydata.
Sanlam Private Wealth has written to lawyers for the Financial Services Compensation Scheme to dispute their claims that it gave negligent advice on Keydata products, saying it has never advised on the investments.
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