The European Life Settlement Association (ELSA) has blamed the "sensationally negative" FSA for damaging the traded life policy sector (TLPI) sector.
The regulator announced its intention to ban the sale of TLPIs to retail investors in November, labelling them "Ponzi schemes". It followed a number of high-profile scandals in the sector, most notably Lifemark-backed Keydata. But chairman Patrick McAdams criticised the FSA's inflammatory language, which led to the suspension of the £600m EEA Life Settlements fund in December after "unprecedented" redemptions. In a letter sent to members today, McAdams said the FSA's attack had "reverberated heavily" around the world. "We continue to be fully committed to total transparency," he...
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