FSCS to rescue Lifemark with $10m loan

Lifemark's provisional administrator Eric Collard brokered the deal last week during a whirlwind trip to London from his base in Luxembourg, where the Lifemark fund is domiciled. IFAonline understands the FSCS will agree to provide the $10m on condition that SEB bank, a major Lifemark creditor, agrees to allow the compensation scheme to rank equally with it as a senior bondholder. These are the same terms Norwich & Peterborough (N&P) agreed with the bank when N&P provided a £1.5m loan facility to Lifemark last year. The $10m is believed to be a short term buffer and a precursor to ...