Lawyers hired by the FSCS to pursue claims against IFAs who recommended Keydata have sent out letters with the name and addresses of every firm it is chasing, including details of principals of appointed representative firms.
The letter from Herbert Smith gives the details of 537 financial services firms which invested clients in Keydata. The FSCS is pursuing recovery from them of the compensation it has paid out to Keydata investors.
Most of the names on the list are small advice businesses. It also includes large financial institutions, national advisers, networks, and at least one platform.
Where the firms are appointed representatives, the name of the principal adviser is given. Investors' names are also listed.
Barclays Bank features on the list, related to advice given via the Woolwich. Transact is also listed, under its registered name Integrated Financial Arrangements Plc.
HFM Columbus, AWD Chase de Vere, Helm Godfrey, Tenon Group, Alan Steel Asset Management, and Sesame Bankhall are also named.
Financial Ltd, the 500-strong adviser network, is included on the list, as is Mint, Jelf, Tenet Connect, Montpelier, Foster Denovo, Ashcourt Rowan, Brewin Dolphin, Bluefin and Personal Touch.
Origen, Lighthouse Temple and Lighthouse Advisory Services are also named. Failed network Park Row is also on the list.
In a previous letter to advisers who recommended Keydata, Herbert Smith indicated all IFAs who recommended SLS and Lifemark-backed Keydata products to low and medium risk clients are incompetent, and therefore liable to claims of negligence.
One adviser who did not want to be named and received the "huge pack" of information from Herbert Smith today, which included the list, said even the names of clients he sold Keydata on an execution-only basis were detailed as claimants.
The FSCS levied the investment industry about £242m of a total £326m interim levy for Keydata compensation costs. It is part of the scheme's mandate to recover those cost from third parties where possible, and reimburse levypayers.
In April the FSCS recouped £28m from Norwich & Peterborough (N&P) after the building society admitted it mis-sold investors Keydata products.
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