KPMG, which has been appointed as liquidator of Victory Life & Pension Assurance Company, has contacted all IFAs it believes have clients with assets invested in the company’s products
In the letter, dated 28 November, KPMG said the company was placed into liquidation on 25 November by order of the High Court of Justice in the British Virgin Islands.
It explained the order was sought by the BVI Financial Services Commission “in response to concerns with respect to serious breaches of the company’s regulatory obligations and the prosecution of two of the company’s principals by the Swedish Economic Crime Authority”.
Neither the letter, nor the attached order from the High Court, provides the names of those who have been prosecuted or of the breaches which have taken place.
Due to the order, all assets have been frozen, with transfers from and / or asset trading “within all accounts maintained by the company and its policyholders until the BVI court can determine the position with regards to ownership, rights and control of each of those accounts”.
According to the company’s website, which has the liquidator’s letter posted on it, Victory Life & Pensions was founded in 1988 and spent the first 15 years making “special tax-driven special products for private clients”.
In 1997, the firm said it launched its first version of a deposit portfolio bond “as a spin-off on earlier tax driven products”. Claiming that “small is beautiful”, the company said it does not “strive to be the largest competitor in the offshore insurance market, we are keen on maintaining our flexibility and being the preferred alternative for our clients”.
The company also states, while its “key word is flexibility”, its “workplace emphasizes integrity and ethics”.
The website does not provide any details of its board or management, however, in October 2012, International Adviser reported it had hired Gary Flowers as its managing director, replacing the then incumbent Glen Wilson. Another director, Bengt Weijdegård, commented on the appointment at the time.
