The FSCS is unlikely to recoup compensation costs from Keydata-backer Lifemark after it moved a step closer to administration, with its provisional adminstrator declaring it is unable to restructure it.
KPMG Luxembourg said an orderly run-off of Lifemark's portfolio under the supervision of a court appointed liquidator was now considered to be the "only realistic alternative". As a result, Luxembourg's Commission de Surveillance du Secteur Financier has put Lifemark on notice of its intention to withdraw Lifemark's license as a regulated securitisation. A number of attempts had been made to rescue the portfolio, including a $150m rescue bid from a US investment bank, brokered by Keydata founder Stewart Ford, and a controlled liquidation of the fund, using a $10m loan from the FSCS. ...
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