FSA legal battle costs life settlements find £2.5M

Think life settlements have it bad in the U.S.? An ongoing legal battle between the UK’s Financial Services Authority – its regulator of the financial services industry – and a Luxembourg-based life settlements operation has cost the company £2.5M, money the company can scarcely afford to do without. The fund, ARM Asset Backed Securities, had invested £38M in its ninth, 10^th and 11^th bond issuances, but those have been frozen in UK banks since November 2011, when the FSA prevented the funds from be moved from NatWest and HSBC accounts.