Steward Ford says the FSA is to blame for the collapse of Keydata as it was 'desperate to look tough and claim scalps' after its failure to properly regulate the banking sector.
In an interview with the Financial Mail, Ford said he is as much a victim as savers caught up in the debacle and the finger of blame should be pointed at the FSA with its 'armies of half-baked lawyers fresh from college'.
He claims the FSA created the mess that has left those 40,000 savers in limbo by forcing Keydata into liquidation in 2009 as a way of showing its teeth after failures during the financial crisis.
Ford's comments come as he tries to rally support for a £40m rescue deal for Lifemark which he claims could bring hope for 28,000 Keydata savers. However, the FSA is pressing him hard about the proposals and bondholders would also have to approve a possible deal.
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£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards