Advisers off the hook for ARM and Rockingham claims

Advisers off the hook for ARM and Rockingham claims
Author: Alasdair Pal
IFAonline | 28 Feb 2013 | 10:56
Categories: Investment
Topics: ARM Asset Backed Securities| UCIS

The Financial Services Compensation Scheme (FSCS) will not compensate investors bringing claims against Rockingham Independent for allegedly negligent advice – meaning there will be no additional levy for advisers.

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Bob’s Weekly Update RNS Special

Dear Bondholders,

AN RNS!

We finally have our long awaited RNS, and it covers, in some detail, the questions to which we have needed answers for months. A Regulatory News Service announcement has to meet certain stock exchange regulations, and has to be written in a way that respects legal agreements, so there are inevitably some details either absent, or requiring interpretation.  I will rely on bondholders to write to the Steering Committee, at the address below, letting us know anything they feel requires explanation and I will attempt to deal with those points in next Friday’s ‘Update.’  For ease of understanding I will go through the points in the RNS in the order in which they appear.  I apologise in advance that I cannot write other than a quick review of each clause at this time, but hope this will suffice for now.

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RNS Number : 6304Y

RNS Number : 6304Y
ARM Asset-Backed Securities S.A.
25 February 2013

ARM ASSET BACKED SECURITIES S.A (the “Company”)
25 – 02 – 2013

BONDHOLDER UPDATE

The board would like to thank you in your continued patience, as you are aware the board implemented a de-risking of the portfolio on November 2nd, 2012, this was after a protracted bidding process.  The de-risking was the first step in a 3 step plan to restructure the portfolio.  We are also aware that many other issues are on the minds of bondholders in conjunction with the status of the long drawn out restructure.  We will try to answer as many issues as possible below:

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Bob’s Weekly Update

Dear Bondholders,

Recognition(of a Sort)

Readers may recall that last Spring I attended the International Life Settlement Conference in London and wrote a report on it for this website.  If anyone wishes to refresh their memory they can read it here: http://www.armhelp.co.uk/wp-content/uploads/2011/11/Life-Settlement-Conference-.pdf  It was a very worthwhile use of two days of my time and it allowed me to network with a large number of industry insiders.

Well this year I have been invited to speak at the conference, and bondholders will probably not be surprised to learn that the subject chosen for me is:

“Deals Gone Wrong:  Investors Speak Out About What They’ve Learned “

Sadly, as the conference is only two days long, I will have to paraphrase our experiences of the last 18 months!

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Bob’s Weekly Update

Dear Bondholders,

Once again I have to begin by thanking, most sincerely, the many kind readers who have taken the trouble to contact me regarding my health. Last Friday involved a bit of a drama, but I glad to report everything is back on track and I’m on the mend.

The Serious Stuff

Director Ronan Collins, who by some strange coincidence was hospitalised at the same time as me,  emailed me from hospital and described the pair of us “as being as sick as a small country”, a turn of phrase which I thought was rather apt!  Thankfully he is also on the road to recovery.  He has supplied me with the latest figures for changes of ownership of our policies to FCIL. The position, as of yesterday, is  224 of 299 changes of ownership have taken place, approx 75%,  so we are back on track. Please keep in mind that this is a process where ARM are waiting for counterparts to deal with the details, and they cannot other than work with the flow

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