The Financial Services Authority (FSA) has told UK banks holding the money of investors in a Luxembourg life settlement fund not to allow the cash to be moved.
Troubled ARM Asset Backed Securities SA (ARM), which issued Assured Income Plan and Capital Growth Bond products, had its application for authorisation refused by the Luxembourg regulator, the CSSF, on 29 August. The CSSF's decision means all payments by the firm are suspended, including redemptions of its bonds which are listed on the Irish Stock Exchange, and coupon payments. Following the CSSF's decision the FSA has notified UK institutions holding the money of pending investors in the fund that the cash should not be moved without the permission of the CSSF. "There is considera...
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