EEA Fund Management has welcomed yesterday's "helpful" guidance from the FSA, on its intention to ban the sale of traded life policy investments (TPLIs) to retail clients.
Dealings in the £600m fund were suspended in December after "unprecedented" redemptions, following the regulator's initial announcement, which labelled the asset class as containing "Ponzi schemes" and "death bonds". Marketing director Peter Winders said the finalised guidance "clarifies a number of points that were not wholly clear in the original consultation guidance". "In particular, we agree with the FSA's statement that TLPIs should not be promoted to the vast majority of retail clients, and this has always been EEA's general position," he said. "We also note that the FSA agr...
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