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Categories:Regulation

Lifemark administrator set to quit role

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Eric Collard of KPMG Luxemburg is stepping down from his role as Lifemark provisional administrator and resigning from KPMG, Money Marketing understands.

It is understood he wants to remain as Lifemark provisional administrator until the liquidity issue is resolved.

The collapse of Keydata, which offered products underpinned by Lifemark life settlement plans, triggered a £326m FSCS levy associated with Lifemark, which saw advisers pay £93m.

Lifemark policies are designed to generate a return based on life insurance payouts. The firm, which entered into administration in November 2009, is suffering a liquidity issue owing to a lack of mortalities earlier this year.

In August, Money Marketing revealed Collard had been approached with a loan facility of up to £91m arranged by Keydata founder Stewart Ford to allow Lifemark to come out of administration and cover outstanding premium and servicing costs.

Collard is thought to be considering the loan facility, as well as an alternative £18m loan from the FSCS and the IMA.

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