A consortium of IFAs and investors, including Norwich & Peterborough (N&P), are in talks to unite to try to save troubed Keydata backer Lifemark, which needs immediate investment to the tune of £13m.
IFAs certainly have the most incentive to help, along with any financial institutions exposed to the fund. But let us get this clear: even with a £13m cash injection Lifemark will not be home and dry. Former Lifemark director and Keydata founder Stewart Ford, who also has a financial interest in keeping the fund afloat, is making "impossible" (according to the fund's administrator) promises to investors that if saved, Lifemark will pay out all their missed interest payments. But if IFAs put cash into Lifemark they will only get it back on a medium and long term basis if maturities ...
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