Keydata has defended itself against claims it deliberately 'misled' investors about which groups backed the SLS bonds marketed to advisers.
A spokesperson for Keydata founder Stewart Ford said Keydata was just repeating false claims by the global distributor of the SLS asset-backed bonds that KPMG and HSBC were involved in the investments. Many investors in the failed product provider said they trusted their savings to the SLS bonds because of their connection to the two household name companies. However, KPMG says it told the FSA in October 2005 it had not been "associated in any way" with the services referred to in Keydata's marketing literature. HSBC also confirmed the statements made by Keydata about the bank's in...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes