FSA warned IFAs on Keydata advice suitability in 2007

Laura Miller
clock

The FSA wrote to ten IFA firms selling Keydata products with serious concerns about the suitability of their advice as early as October 2007, but failed to alert the wider industry or investors.

Two years before the regulator placed Keydata into administration, it outlined a catalogue of failings in the IFA firms' marketing and distribution of the Secure Income Bond (SIB) and Secure Income Plan (SIP) products. The letters followed a low-key thematic review into the advice processes of some firms known to be recommending the Keydata SIB or SIP vehicles. But the regulator only published the review's findings to the firms that took part. This week, an FSA spokesperson said the review was considered "too small" to be made public. In its 2007 letter, the FSA warns the firms som...

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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Why psychological factors are critical for targeted support's success

Why psychological factors are critical for targeted support's success

Hidden diversity within segments

Greg B Davies
clock 14 November 2025 • 4 min read
Pre-Budget panic has 'got worse' with the current government

Pre-Budget panic has 'got worse' with the current government

‘Over the years the rumours have become more sensational’

Isabel Baxter
clock 14 November 2025 • 2 min read
Women in Financial Advice Awards 2025: Best pictures from the night

Women in Financial Advice Awards 2025: Best pictures from the night

Celebrating the best women in the industry

Professional Adviser
clock 14 November 2025 • 1 min read