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Ex-Integrity boss Stamp steps down from life settlement fund board

by Rachael Revesz on Feb 01, 2013 at 11:34

Ex-Integrity boss Stamp steps down from life settlement fund board

Former Integrity Financial Solutions chief executive Iain Stamp has resigned as director of Dublin-listed Strategic Life Settlement Fund in a bid to avoid a potential conflict of interest.

Stamp said he had relinquished the position as other ventures he runs are set to become majority shareholders in the fund.

'There is a potential conflict of interest as I’m likely to become a major shareholder and because of that potential conflict of interest, I have decided to resign,' he said.

Those other ventures include Irish special purpose vehicles and his UK Innovative Financial Designs company.

Three directors, including Stamp, resigned at the end of January, leaving three directors remaining. A fourth director is soon to join the board.

The Strategic Life Settlement fund is open to UK investors through the Huet Capital Life Settlement Fund.

Stamp has also launched PP [Private Placement] Financing on 29 January, a private lending company that provides leverage and liquidity for investment managers.

The Financial Services Authority censured Integrity Financial Solutions in May 2010, claiming the firm had failed in its role as a product provider of geared traded endowment policies, which it also advised on. 

1 comment so far. Why not have your say?

Dathan Steele

Feb 04, 2013 at 07:32

Ah, Mr Stamp. A man who thought that it was a good idea to get cautious clients with unencumbered houses (their own PPR) to gear up by getting a mortgage, then putting this cash into a 'fund'. then gearing up AGAIN, then buying a bunch of TEPs with the resulting cash pile.

Sounds like the sort of cautious, well thought out solution that we all love.....of course nothing can go wrong, its as safe as, errrr, houses! So no issues with client classifications, or that inconvenient section of the FSA Handbook which deals with 'suitability' then?

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