Keydata

Advisers with clients invested in life settlement fund EEA have branded the Financial Services Authority's (FSA) rhetoric on traded life policy investments (TPLIs) "reckless" after the fund was forced to close.

The EEA Life Settlements Fund has suspended dealings, after receiving "unprecedented" levels of redemption requests from advisers and institutional investors.

The uncomfortable position advisers who recommended Keydata are in today is exactly where those who advised on Arch Cru could soon find themselves...

A law firm is encouraging IFAs facing compensation claims from the Financial Services Compensation Scheme (FSCS) in relation to Keydata investments to band together for a better chance of defending the claims.

The publication today by the FSA of plans to ban the sale of "toxic" traded life settlement investments to retail investors serves to seal the fate of advisers who recommended Keydata.

The Financial Services Authority (FSA) said it estimates half of all funds held in the UK traded life settlement policy market are in investments which are in "difficulty".

The Financial Services Authority (FSA) has said it plans to ban the sale and promotion of "toxic" traded life settlement policies because they are high risk and generally unsuitable for the majority of UK retail investors.

A Poole-based IFA has expressed anger at lawyers for the FSCS for apparently mistakenly including the name of his firm on a list of businesses the scheme may pursue for money it paid out to Keydata investors.

Lawyers hired by the FSCS to pursue claims against IFAs who recommended Keydata yesterday sent out letters with the names and addresses of every firm it is chasing. IFAonline can now exclusively reveal the full list.

Lawyers hired by the FSCS to pursue claims against IFAs who recommended Keydata have sent out letters with the name and addresses of every firm it is chasing, including details of principals of appointed representative firms.