INVESTORS in Eurolife Capital Funding, who thought they were entitled to compensation when the company went into administration, were misinformed by a false claim the company was FSA regulated.
Joint administrators F.A. Simms & Partners wrote to the 2,300 investors in Eurolife Capital Funding, a subsidiary of Eurolife Assurance Group (EAG), stating the company was regulated by the FSA - meaning they would be entitled to compensation from the Financial Services Compensation Scheme. But after checks by Professional Adviser, a spokeswoman from the FSA said Eurolife Capital Funding had never been regulated by the body. A spokesman from F.A. Simms agreed that Eurolife Capital Funding was never regulated by the FSA and an error had made in the initial correspondence to sharehold...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes