Keydata Investment Rescue Claim
Published / Last Updated on 16/09/2010
Keydata Investment Rescue Claim
by Ashley Clark, Director
Founder of collapsed investment firm Keydata, has suggested that the Financial Services Authority (FSA) ignored his offer to inject capital directly into the firm following an investigation and intervention by the FSA.
Keydata went into liquidation allegedly following the theft of £103m of clients assets by the owner of a Luxembourg investment company that Keydata had sold investments for to clients.
In short, the founder, Mr S Ford suggests that he offered the FSA a £30m rescue deal for his firm and that the FSA blocked this.
The FSA has claimed in both industry papers and on the BBC that as Mr Ford was under investigation himself, any offer made had to be taken in context of both the FSA’s, Mr Ford’s and indeed investors protection.
Norwich and Peterborough also face millions of pounds in mis-selling claims against them from angry pensioners who were also those these Keydata investments.
No doubt it will be the Financial Services Compensation Scheme (FSCS) that will end up picking up the bill ….. i.e. us small, law abinding financial advisers as the FSCS has amazingly tried to categorise Keydata as an adviser intermediary rather than an investment product provider.
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