Former Lifemark director Stewart Ford has launched a scathing attack on the FSA in a letter to Financial Secretary to the Treasury Mark Hoban, asking him to "intervene urgently" in the financial restructuring of the troubled fund.
In what would be an unprecedented intervention, Ford argues the government should force the FSA to come up with alternatives to a planned stabilisation package led by US hedge fund CarVal and Norwich and Peterborough Building Society (N&PBS). He accuses the independent regulator of "willing the liquidation" of the fund to justify its Division's decision to put Lifemark-backer Keydata into administration in June 2009. Ford, who is under investigation by the FSA and the Serious Fraud Office (SFO) for his actions at Keydata, accuses key members of the Enforcement Division (Rebecca Irving...
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