Iimia subsidiary Exeter Fund Managers has been put into administration after failure to agree with the FSA on a solution to losses associated with split capital investments.
EFM along with Exeter Asset Management Limited were not part of the settlement announced on Christmas Eve between the regulator and other providers of splits. That deal will see some £194m returned to investors, with the FSA in return so far only deciding to banish a few key industry players for limited time periods. Iimia acquired Exeter Investment Group in August 2004. Directors state the move comes in respect of mis-selling claims made by investors against two funds it previously marketed, which mean there is “insufficient certainty” the business is trading as solvent. Pricew...
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