View more on these topics

Keydata plan bonds default

Lifemark has issued a notice to bondholders declaring that several bonds underpinning Keydata plans have defaulted on income payments.

The firm informed bondholders of the development on March 2 and Keydata administrator PricewaterhouseCoopers confirmed it will affect coupon payments for all 23,000 Keydata Lifemark investors, who have around £349m invested.

Lifemark suspended income payments to investors in order to preserve liquidity and maintain payments of insurance premiums under existing policies.

It submitted an application to Luxemburg regulator Commission de surveillance du sec-teur financier on January 31 to change the terms and conditions of existing bonds to zero coupon bonds and avoid having to make interest payments.

KPMG Advisory in Luxembourg was appointed last Nov-ember for three months. This was extended by a further six months in February to allow directors to develop a restructuring plan for Lifemark and resolve liquidity problems.

Vintage Financial director Geoff Hartnell says: “Over the next few weeks, there will be different proposals put forward that will need to be given the green light by the Luxemburg regulator and put to bondholders. It will be a question of whether investors are satisfied with the risk and reward to capital and if the directors feel it is in the best interests of the fund.”


Director of ‘laidback’ IFA TV network fined £49,000

The FSA has fined a director of an IFA network £49,000 for management failings in monitoring pension-switching advice. The regulator took action against Charles Palmer, director of IFA network Financial Ltd, for the failings which resulted in poor compliance monitoring on pension-switching advice during a period of rapid expansion. The Gloucestershire-based network described its app […]

Insight shutting two funds

Insight Investment is to close its UK smallcap and evergreen funds after some principal investors redeemed their holdings. Insight says the move has made both funds economically unviable, with the UK small-cap fund to close on May 7 and the evergreen fund on June 11. The £22m evergreen fund has been managed Alex Illingworth since […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm