Monday, October 23, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Shepherds Select Funds Plc 12 March 2007

Following a petition presented by the Financial Supervision Commission in May 2005, Shepherds Select Funds PLC, Safeguard High Security Fund PLC, Traded Endowment Policies Ltd and Traded Life Policies Ltd were placed into liquidation. Mr Mike Simpson of PricewaterhouseCoopers was appointed Liquidator.

The Shepherds Select Funds Plc and Safeguard High Security Fund Plc were established as experienced investor funds and as such were unregulated schemes but administered by a licensed administrator. Traded Endowment Policies Ltd and Traded Life Policies Ltd were exempt schemes and were thus also unregulated.

Since the funds went into liquidation the Commission has maintained a close dialogue with the Liquidator of the funds and has noted the information provided in letters which he has sent to shareholders.

Separately, and mindful that the administrator was licensed by the FSC, the Commission has been investigating some aspects of the arrangements of certain of the funds. This investigation is ongoing and includes a consideration of whether there was any shortfall against key regulatory requirements.

The Commission is continuing its dialogue with the Liquidator of the funds and any future report of the Liquidator is likely to be of assistance to its investigation. No further public comment by the Commission is appropriate at this stage as it is not yet clear whether any further regulatory action is required nor is it certain what action might be taken. The principal source of information about the funds and their liquidation will therefore be the Liquidator.

More stories >>>  


Other Guides by Maxima Systems Ltd: Disney World