The Financial Services Compensation Scheme (FSCS) has detailed how it plans to distribute recoveries it anticipates to receive from Lifemark SA, a bond provider whose products were marketed in the UK by collapsed firm Keydata, with investment advisers in line for a rebate.
The scheme, which has so far paid compensation approaching £230m to some 16,000 Lifemark investors, said an initial distribution of 7.5p in the pound is expected shortly from the provider's trustee, which it plans to distribute by the end of June 2013. Further distributions are expected in 2014, it added, which could bring the total returns to between 12% and 15% of the nominal amount of the capital invested. The FSCS is separately attempting to recoup damages from those who recommended or arranged the sale of Lifemark bonds. After deducting costs incurred pursuing the recoveries, ...
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