The Financial Services Compensation Scheme (FSCS) has said it expects to raise a supplementary levy on investment advisers before the end of the current levy year, to make up for losses incurred by the failings of ARM bonds and their distributor Catalyst.
Author: Carmen Reichman
IFAonline | 29 Oct 2013 | 10:33
Categories: Regulation| Regulation
Topics: FSCS | ARM Asset Backed Securities
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As predicted there is only so much I can report this week, as all official news now comes from the pen of Mark Shaw and his team.
Things are starting to happen as evidenced by the following Media Statement from the Maltese FSA:
Investors who have been trapped in the EEA Life Settlements fund for over a year yesterday voted in favour of restructuring the company.
Author: Nick Paler
IFAonline | 18 Oct 2013 | 11:34
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As you will all be aware, ARM is now in Provisional Liquidation. Mark Shaw of BDO LLP working with Malcolm Cohen, also of BDO LLP, now have exclusive power to control and manage the company’s affairs. Last week I could find little on the internet for you to read about him, so here is a snapshot supplied by the gentleman himself:
IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION COMPANIES COURT
No 068601 OF 2013
No 6914 of 2013
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PLEASE GO TO LIQUIDATION PAGE FOR FAQ’S
ARM Asset-Backed Securities S.A.
15 October 2013
ARM ASSET-BACKED SECURITIES S.A.
I’m taking the unusual step of putting up my Update early due to events of yesterday, which occurred in The High Court of Justice, Chancery Division, Companies Court, London.
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In last Friday’s Update No 51 In the section headed “The FCA part Two” I reported on the FCA Decision Notice in the case of Tim Roberts and Andrew Wilkins.
Last evening an IFA contacted me with his concerns that their appeared to be inaccuracies with the figures for tranches 9-11, and later on it was drawn to my attention by ARM that there were further errors in the document. The FCA yesterday released this much simpler statement see:
In view of this confusion, I have taken the unusual step of removing the hot-link in my Update to the original document, and asked Ian Ward to remove the decision notice from our website pending clarification of the issues associated with it’s contents.
I apologise to readers for any disquiet this action may cause them. I will revert to this subject again once we have received the necessary clarification.
As I’m feeling unwell I’m afraid this will be a short report for readers today. I think I succumbed to the germs of many other passengers on the plane, as I returned from Prague the other day. It seemed as though people were coughing and sneezing for the whole flight, and it makes me wonder if the Japanese tourists one sees in their flu masks have got it entirely wrong.
Addendum: On re-reading what I’ve written below I think this qualifies as a Regulator Special! Also please note this Update has been changed to reflect changing news while I was writing it.
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Catalyst Investment Group Limited in default
4th October 2013
Eligible customers of Catalyst Investment Group Limited (Catalyst) may be entitled to compensation after the Financial Conduct Authority (FCA) confirmed today that it has declared the firm in default.
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