The Financial Services Compensation Scheme (FSCS) has put together a deal to provide liquidity for the Lifemark portfolio to rival a $150m loan offer brokered by Keydata founder Stewart Ford.
Details of the FSCS loan have yet to be made public but it is understood it will be for no more than US$30m as this is the limit Lifemark creditor SEB bank will allow secured against the portfolio at the same priority as its own debt. Interest on the loan will be set at about 14%, IFAonline understands, higher than the 6% Ford claims his deal will cost. Lawyers for Ford have written to Lifemark's provisional administrator, KPMG, arguing the FSCS' involvement in a deal alongside legal proceedings against IFAs who recommended Keydata products represents a conflict of interest. The FSCS ...
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