Admin 'error' fools investors

Joint administrators F.A. Simms & Partners wrote to the 2,300 investors in Eurolife Capital Funding, a subsidiary of Eurolife Assurance Group (EAG), stating the company was regulated by the FSA - meaning they would be entitled to compensation from the Financial Services Compensation Scheme. But after checks by Professional Adviser, a spokeswoman from the FSA said Eurolife Capital Funding had never been regulated by the body. A spokesman from F.A. Simms agreed that Eurolife Capital Funding was never regulated by the FSA and an error had made in the initial correspondence to shareholders ...