WIREDGOV

Claimants who suffered losses in Lifemark investments can expect to receive further payments in the coming months. This follows the Lifemark Trustee’s recent announcement that another distribution to bondholders was paid on 20 November 2014. The Financial Services Compensation Scheme (FSCS) expects to receive the funds from the Trustee within the next few weeks. FSCS will then pass on the payments to claimants.

As outlined in our March update, distributions from the Trustee must be calculated using the method specified by the Court. The effect of this is that the distribution amount due to individual bondholders will vary depending on which Lifemark bond(s) a claimant invested in.

Majority of balancing payments made by FSCS to Keydata claimants

FSCS is pleased to confirm it has now made the majority of balancing payments to claimants who suffered losses in Lifemark investments. In some cases FSCS needed to do further work to settle the nominal claim amounts before payments could be made. FSCS has been working on this reconciliation process since December, and we expect that we will being sending balancing payments to the majority of claimants whose compensatable losses exceed £30,000 (but who have not yet received a balancing payment) in mid-April.

We will provide further information on are website as soon as we’re able to.