FSCS to 'pre-approve' Lifemark claims but no money in sight

Laura Miller
clock

The FSCS will ‘pre-approve' claims from eligible investors in Keydata plans backed by Lifemark despite no date being set for payouts.

In an unusual announcement last month, the scheme encouraged investors to complete and return application forms for compensation if they relied on flawed Keydata marketing materials to invest in the products. However, investors have not been told how much they can expect in compensation, or even when they will receive the money. One IFA, with client money in Keydata bonds, who queried the announcement has been told by the FSCS it wants claimants to return forms so it can make ‘provisional eligibility awards'. These amount to a pre-approval of an investor's claim for a future payout...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA360: Clients' lack of understanding of advice value is 'concerning'

PA360: Clients' lack of understanding of advice value is 'concerning'

‘Anyone running a business needs to offer value to their clients’

Sahar Nazir
clock 25 April 2024 • 1 min read
PA360: Advice firms 'brush over' data integrity fundamentals

PA360: Advice firms 'brush over' data integrity fundamentals

‘Your business and your people are under attack constantly’

Isabel Baxter
clock 25 April 2024 • 1 min read
PA360: The need for a financial plan 'has never been higher'

PA360: The need for a financial plan 'has never been higher'

‘It needs to be done in a different and innovative way’

Isabel Baxter
clock 25 April 2024 • 2 min read