FSCS

The FSCS is facing angry calls from both IFAs and investors to make its decision-making process more transparent, after two controversial judgments involving Lifemark-backed Keydata bonds and Lehman Brothers-backed NDF products.

Many cutting remarks have been made about AIFA's apparently-limp challenge to Keydata's classification as an intermediary. Now a lawyer appears to have summed them all up rather succinctly.

Keydata had no discretion to buy or sell bonds and so was not involved in investment management and could not be included in that FSCS sub-class for the purposes of recovering compensation costs, a court heard today.

The FSCS decided to allocate Keydata compensation claims to the investment intermediation sub-class before consulting the industry and ignored calls for a review into its decision, a court heard today.

Paul Etheridge, chairman of Prestwood Group, explains why advisers who believe the RDR presents the biggest challenge to the industry would do well to think again...

A review into how the industry pays for the FSCS has been delayed due to recent changes to the regulatory landscape, the FSA has confirmed.

Investors in failed structured product provider NDF Administration (NDFA) are planning a legal challenge to an FSCS decision not to compensate their loss.

The FSA has proposed setting the new FSCS deposit compensation limit for investors at £85,000 - but says it may revise this figure if the euro-sterling exchange rate deteriorates.

Positive Solutions reports pre-tax losses for 2009 in excess of £7m, due largely to a one-off multi-million pound tax hit.

Norwich & Peterborough Building Society (N&P) has requested more time to deal with complaints from customers caught up in the Lifemark scandal.