Keydata

Lifemark investors never had a chance of getting their money back on time, a leading actuary involved in the fund's restructuring says.

A group of 700 Keydata SLS investors will start a legal case against a string of global financial institutions in January, claiming they watched over a multi-million pound theft from the fund and did nothing while collecting huge fees.

The FSCS says it can now quantify claims against Keydata-backer Lifemark and will start paying out compensation to investors from next month.

Thousands of investors in Keydata plans backed by Lifemark are facing another setback in their bid for compensation after the administrator says he is "really questioning" the quality of traded life policies (TLP).

The Financial Services Compensation Scheme (FSCS) has agreed its first 'provisional' compensation claim for investors in Keydata-backer Lifemark.

Nearly 400 N&P customers with Keydata investments taken out in 2006-7 will pass on their cases to the Financial Ombudsman Service in the next fortnight in a bid to have their complaints addressed.

The FSCS has denied claims Lifemark investors will forfeit their rights to compensation if they reject a planned rescue deal for the fund.

A group of 700 investors who lost millions in Keydata backer SLS Capital are sending their IFAs to meet lawyers raising a case against the fund's supervisors.

Former Lifemark director Stewart Ford has launched a scathing attack on the FSA in a letter to Financial Secretary to the Treasury Mark Hoban, asking him to "intervene urgently" in the financial restructuring of the troubled fund.

A group of investors in the £6m Keydata International fund have lodged a complaint with the Isle of Man financial ombudsman against the fund's administrator, Blue Sea International.