KPMG

Clients of troubled spreadbetting firm Worldspreads have moved a step closer to getting funds back through the Financial Services Compensation Scheme (FSCS) after administrators KPMG began sending out final statements.

A Channel Islands-listed fund which held "substantial" assets with failed broker MF Global UK Limited has ceased trading.

British investors in failed broker MF Global are to question the efforts of administrators KPMG in London on Monday over the slow progress of recovering funds.

The Financial Services Compensation Scheme (FSCS) has begun the process of compensating MF Global customers, with private customers with individual accounts the first to receive application forms.

Prudential have announced that chairman Harvey McGrath is to retire from the board of directors in 2012 once a successor has been found.

Lifemark investors have forced a meeting to decide the fate of the troubled portfolio to be postponed while a potential rescue deal is hammered out.

The Financial Services Compensation Scheme looks set to stump up $10m to allow a controlled liquidation of Lifemark after the main contender for a rescue of the fund pulled out.

The European Commission is pushing for tough rules that would force the world's biggest accountancy firms to abandon their consultancy businesses and share audit work with smaller rivals.

Keydata founder Stewart Ford has had his bid to stop the sale of some of Lifemark's assets rejected in a preliminary order by a Luxembourg court, but has said he plans to appeal the ruling.

A predicted wholesale shift by offshore hedge funds to re-domicile under EU UCITS legislation is unlikely, according to a survey by RBC Dexia and KPMG released today.