The European Life Settlement Association (ELSA) has blamed the "sensationally negative" FSA for damaging the traded life policy sector (TLPI) sector.
The regulator announced its intention to ban the sale of TLPIs to retail investors in November, labelling them "Ponzi schemes". It followed a number of high-profile scandals in the sector, most notably Lifemark-backed Keydata. But chairman Patrick McAdams criticised the FSA's inflammatory language, which led to the suspension of the £600m EEA Life Settlements fund in December after "unprecedented" redemptions. In a letter sent to members today, McAdams said the FSA's attack had "reverberated heavily" around the world. "We continue to be fully committed to total transparency," he...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
