Hopes fade for Eurolife investors

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The financial services provider, already embroiled in the £5bn precipice bond mis-selling scandal, has been ordered to write to customers by the Financial Services Authority, which is concerned that Eurolife does not have the financial wherewithal to return the £15m promised.

In 1999, the money raised from the issue of the bonds by a Eurolife subsidiary was controversially lent to Eurolife Assurance Group, the parent company. But now, EAG has indicated that unless it sells one of its subsidiary businesses before January - such as its insurance arm or financial products division NVesta - it will not be able to meet its commitment to investors.

Eurolife is controlled by Lynne Green and David Wootton who in 2002 were disciplined by the FSA and forced to give assurances that they would curtail their involvement in the financial services industry.