Whilst the downfall of Lehman's is unfortunate we as a firm had no control over whom the plan manager, NDF, used to provide the securities. Indeed NDF's own literature emphasises their discretion in this regard.
So why was NDF Administration Limited apparently so 'discreet' when it came to naming Lehman Brothers? In fact, it wasn't the only company which omitted to mention them nor is it the only plan manager subject to complaints. But what's curious in NDFA's case is its claim it was prevented from mentioning Lehman's by EU law. Curious, because what appears to be its sister company seemed to have no such problem. Defined Returns Limited - which according to Companies House records has the same directors and office address as NDFA - did name Lehman's, even including the American bank's logo on the front page of brochures marketing similar structured products. NDF Administration Limited declined to appear on the programme but in a statement said Defined Returns limited "is a separate legal entity to NDFA" and the two companies had differing legal advice as to what they could say as the law governing this area "remains unclear". NDFA - which made pretax profits last financial year of over £2 million - also told us that in all cases its: