Advisers with clients invested in life settlement fund EEA have branded the Financial Services Authority's (FSA) rhetoric on traded life policy investments (TPLIs) "reckless" after the fund was forced to close.
EEA yesterday suspended dealing in their £600m Life Settlements fund, due to "unprecedented" levels of redemption requests, after the regulator announced on Monday it would seek to ban TLPIs. Advisers fear other TLPIs will be suspended in the coming days. Geoff Hartnell [pictured], an IFA at Vintage Financial, said the FSA had been "reckless" in its use of evocative language like "toxic" and "death bonds" in its consultation on the ban. "I thought I was reading a copy of the Sunday Sport rather than the regulator's home page," Hartnell said. It was the "panic redemptions" which ...
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