Keydata debacle sparks 500% FSCS claims jump

In its annual report, published today, the scheme reveals it received 24,301 claims for the investment intermediation sub-class in the last financial year, compared to 4,170 in 2008/9, an increase of 483%. Most relate to the collapse of Keydata Investment Services, Pacific Continental Securities and Square Mile Securities. It says it has resolved a total of almost 15,200, paying compensation in each case. The FSCS says Keydata generated several different types of claims last year, adding a number of "complicated legal issues" are still to be resolved. It dealt with two main categor...