WIREDGOV

Customers who invested in Lifemark backed products through Keydata Investment Services can expect to receive a final payment from the Financial Services Compensation Scheme (FSCS) in the coming days. 

FSCS will send payments to customers whose losses exceeded the compensation limit. Customers with more than £30,000 invested when the failure occurred will receive a payment. 

According to the recent bondholder notice, the Lifemark trustee has realised all relevant assets and has sent them to bondholders and FSCS. 

FSCS’s distribution will take account of all six of the Lifemark trustee’s distributions. This includes the final distribution FSCS received in December 2015. The final distribution was around 1.5% of the nominal value* of issued bonds.

FSCS will make no further payments after this.

You can find more information about payments and what they mean for customers and the industry in the following statement.

* Please note; the figure of 1.5% refers to the average percentage distribution for the nominal value across all Lifemark bonds. However, due to a Court decision the amounts vary between particular Lifemark bonds. This means a customer may receive more or less than 1.5% depending on which bonds they invested in.