Keydata

CarVal, the US hedge fund, will charge cash-starved Keydata-backer Lifemark 14.5% above LIBOR for its ‘rescue' loan.

Norwich & Peterborough Building Society (N&PBS) and US hedge fund CarVal Investors have agreed a loan to save troubled Keydata backer Lifemark from liquidation.

Norwich & Peterborough Building Society (N&PBS) has joined forces with US hedge fund CarVal in a last ditch bid to save cash-starved Lifemark from liquidation.

Lifemark, the cash strapped Luxembourg-based backer of Keydata bonds, is embroiled in a multi-millon dollar legal battle in the US Court of Appeal.

Norwich & Peterbourgh Building Society (N&P)has written to its Keydata customers saying it is still "actively seeking a resolution" to the situation.

IFAs who help clients invested in Keydata complete compensation scheme forms could leave themselves without professional indemnity insurance (PII) if future claims arise, lawyers warn.

AWD Chase de Vere exposed a client to Keydata at more than twice the appropriate level considering his medium attitude to risk, the financial Ombudsman (FOS) has ruled.

Up to 1,500 investors in Keydata-style life settlement-backed products have been told they will receive a fraction of their expected return because the bonds failed to get regulatory approval.

The FSA wrote to ten IFA firms selling Keydata products with serious concerns about the suitability of their advice as early as October 2007, but failed to alert the wider industry or investors.

Why advisers should consider unregulated products