AWD says FSCS Lifemark compensation 'vastly' reduced

The Financial Services Compensation Scheme (FSCS) has reduced the amount of compensation it is planning to collect from AWD Chase De Vere over its sale of Lifemark-backed Keydata investments, the national IFA has said.

The FSCS, via its lawyers Herbert Smith, is seeking to recoup compensation it has paid out to Lifemark investors from advisory groups it alleges mis-sold the products. It had estimated AWD advised on about £56m worth of Lifemark policies, but AWD spokesman Patrick Connolly said this had now been "vastly reduced". Connolly said the company would continue to defend its position against the FSCS. "The FSCS is effectively saying that Lifemark should not have been sold, however our position is that if the product was sold in the right proportion to the right client, with the risks expla...