Grant Thornton, UK administrator for NDFA and DRL, has reached an agreement with the Financial Services Authority (FSA) and Royal Bank of Scotland (RBS), which will allow four structured product plans to commence on 2 November 2009 as originally planned.
The four plans for which NDFA is plan manager are the Royal Deposit Plan, the Autopilot Plan, the Navigator Plan and the Skyline Plan. NDFA will remain plan manager until a suitable alternate plan manager can be engaged by the administrators. RBS confirmed its commitment to either act as plan manager, or find a suitable replacement, in the event that Grant Thornton UK is unable to find a suitable alternative.
"This is good news for all the investors in these plans, numbering some 6,000. We have continued to receive investment post the announcement that NDFA had gone into administration, illustrating their popularity. Combined investment into these plans now totals [approximately] £30 million," said Andy Hosking of Grant Thornton. "My team have worked extremely hard to reconcile the relevant NDFA client accounts since the appointment of joint administrators on 14 October, a process that has now been completed. However we have extended the cancellation period in relation to the Plans to 1 November 2009, giving investors the option of withdrawing their investment and urge investors to take independent financial advice."