FSCS Looks to Pay Rockingham Customers
The Financial Services Compensation Scheme is looking into possibilities of compensating customers of Rockingham Independent Limited who may have lost money as a result of their dealings with the firm.
Rockingham was placed into liquidation on 30 March 2012.
FSCS says Rockingham advised on and sold bonds issued by the Luxembourg-based entity, ARM Asset Backed Securities SA (ARM).
In particular, ARM issued the ARM Assured Income Plan and the ARM Capital Growth Bond products which are backed by senior life settlement policies bought in the secondary market and sold by Rockingham to investors in the UK and abroad.
FSCS said: “Although we are not able to say at this time how long our investigations will take, we will provide further updates on significant developments as they occur.
“If we are able to accept claims, we will provide customers of Rockingham with information about how to make a claim for compensation. If we are not able to accept claims, we will provide a full update explaining our position.
“If any customer of Rockingham believes they may have lost money as a result of negligent advice relating to a different type of product (i.e. other than an ARM-backed fund), they can contact FSCS to request an application form.”