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FSA legal battle costs life settlements find £2.5M

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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, 10th and 11th 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.