Traded life policies (MPL) has suspended redemptions on its Traded Policies fund "in the interests of existing and future investors".
The suspended EEA Life Settlements fund has submitted its plans to the Guernsey regulator for restructuring.
Advisers with clients in the suspended EEA Life Settlements Fund are to be offered an exit strategy following the Financial Services Authority's (FSA's) decision to ban the asset class for retail investors.
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.
The Financial Services Authority (FSA) has hinted it may impose stricter regulatory requirements on firms recommending traded life policy investments (TLPIs) after issuing final guidance stating they should not be promoted to most retail investors.
The European Life Settlement Association (ELSA) has blamed the "sensationally negative" FSA for damaging the traded life policy sector (TLPI) sector.
Life settlements fund EEA has written to shareholders of the suspended traded life policy investments (TPLI) fund, ahead of an FSA consultation on the asset class.
EEA plans to reopen its £600m life settlements fund "as soon as possible", once the outcome of an FSA consultation on the sale of traded life policy investments (TPLIs) has been agreed.
Life settlements fund EEA has generated nearly £40m in revenues in the last two months, despite its suspension following "unprecedented" redemption requests.
The government has proposed to exempt employees who work both in the UK and European Economic Area (EEA) member states from auto-enrolment.