EEA ‘death bond’ investors receive $54.5m payout
Investors in the ill-fated EEA Life Settlements Fund will receive a $54.5m (£42.1m, €49.9m) payout for their shares in the so-called ‘death bonds’.
Guernsey
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EEA ‘death bonds’ investors urged to cash out
Investors in the ill-fated EEA Life Settlements Fund have been told it could be more profitable for them to sell off remaining policies in the fund than hold them to maturity, according to David Trinkwon, coordinator of the EEA Investors Group.
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Skipton Int’l to launch offshore savings accounts paying 1.6%
Guernsey-headquartered Skipton International is launching a new three-year fixed rate offshore savings account, promising to pay an interest rate of 1.6% gross per annum.
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Jersey investors better protected by ombudsman than Guernsey
Retail investors in Guernsey do not have the same right to redress as their Jersey counterparts, Channel Islands ombudsman Douglas Melville has confirmed.
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Guernsey secures MoUs with all Chinese finance regulators
The Guernsey Financial Services Commission (GFSC) has secured memoranda of understanding with all of China’s financial services regulators after signing an agreement with the China Insurance Regulatory Commission (CIRC) on Tuesday.
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Guernsey regulator disqualifies adviser for ‘despicable’ fraud
A financial adviser who was jailed for three years after stealing £157,000 ($190,874, €178,836) from clients has been disqualified from acting as a director of any Guernsey company for 12 years.
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UK compensation scheme offers lifeline to Arch Cru investors
Investors in the ill-fated CF Arch Cru Funds have been offered the opportunity to have their claims reviewed and settled now by the Financial Services Compensation Scheme (FSCS), after it was revealed that the funds will not be wound up until December 2018 at the earliest.
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PEOPLE MOVES: Guernsey Finance, Brooks Macdonald, C Hoare & Co
Guernsey Finance has appointed its first Hong Kong representative, while Brooks Macdonald has poached an investment manager from HSBC GAM. The acquisition of C Hoare & Co’s wealth management division will see two high profile people step down.
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UK officials visit crown dependencies to discuss ‘Crexit’
A team of UK politicians have been touring the Channel Islands and the Isle of Man as part of a fact-finding mission to establish what effect Britain’s exit from the European Union will have on the crown dependencies.
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‘Highly unlikely’ Providence investors will get money back
Investors in the doomed Guernsey-based Providence Investment Funds have been told it is “highly unlikely” they will receive any money back, as a campaign group is set up on their behalf to target an FCA-regulated firm it claims is behind the funds’ promotion.
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MitonOptimal swoops on chartered adviser to boost int’l reach
MitonOptimal International, the Guernsey-headquartered investment management group, has merged with Isle of Man-based investment advisory business, Blythe Financial.
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Guernsey’s MTCL fined, directors banned
Guernsey based fund administration group Marlborough Trust Company Ltd (MTCL) has been fined and its directors banned as part of the ongoing fallout from the Arch Cru investment failure.