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It has been confirmed the structured product providers NDF Administration Limited and Defined Returns Limited have entered administration.
The announcement came after a review by the Financial Services Authority (FSA) of the UK structured products market, including those backed by the bankrupt Lehman Brothers.
The regulator said that as part of the review, the marketing and distribution of the two firms' Lehman Brothers-backed structured products had been examined.
Andrew Hosking and Martin Ellis of Grant Thornton UK LLP have been appointed joint administrators and have taken over the running of the companies. The FSA has confirmed that as the firms are now in administration, consumers who had invested in Lehman-backed products with either of the firms may be entitled to compensation from the Financial Services Compensation Scheme.
These investors and those with other investments through the two firms have been told the administrators will write to them within the next seven days.
This will be followed by a more detailed letter within 28 days advising the various options that are available.
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