It is an extraordinary amount: £75m. That is the sum the FCA is seeking to win from former Keydata chief Stewart Ford, who it claims contributed significantly to the company's downfall and - worse - knew of its problems but failed to act. But how strong is the regulator's case?
The Financial Conduct Authority (FCA) has issued decision notices - against the wishes of the three subjects - for a trio of Keydata figures, indicating it plans to fine them a total of £79.2m. As well as the £75m fine facing Ford, former Keydata sales director Mark Owen and the company's former compliance officer Peter Johnson are set to be fined £4m and £200,000 respectively. The trio face sanctions for their involvement in the marketing and, ultimately, failure of Keydata. Keydata designed and distributed products that invested customers' capital in bonds issued by one of two Luxem...
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