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Old 14th October 2009, 04:52 PM
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Default FSA: NDF Administration Limited (NDFA) and Defined Returns Limited (DRL)

NDF Administration Limited (NDFA) and Defined Returns Limited (DRL) have gone into administration. Andrew Hosking and Martin Ellis of Grant Thornton UK LLP have been appointed as their joint administrators and will be contacting investors.

NDF Administration Limited (NDFA) and Defined Returns Limited (DRL)
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Old 10th April 2010, 08:43 AM
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Default Re: FSA: NDF Administration Limited (NDFA) and Defined Returns Limited (DRL)

There are about 6000 UK savers caught up in this with Lehman-backed products from NDFA, DRL, Meteor and ARC. The FSCS has started compensating about one third of those with products from NDFA, DRL and ARC since those three companies went in to liquidation after action by the FSA connected with mis-selling investigations. There are about 1000 with Meteor plans who are not covered by FSCS (because Meteor is still operating) and about 3000 who have been waiting to hear from FSCS for many months. FSCS says it is complicated, and appear to be in a funding battle with financial intermediaries who do not believe they should have to pay towards compensating investors. One IFA (RSM Tenon) has received a huge fine from the FSA for their part in selling these plans, and there are other IFA fines to come. What a mess! Search for missoldinvestments.co.uk for news and views from the Lehman investor action group.
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