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

Professional Adviser TV: Advisers' most asked questions

Professional Adviser TV: Advisers' most asked questions

With Clare Moffat and Sally Beresford

Professional Adviser
clock 10 October 2025 • 1 min read
IFAs see surge in client enquiries as Autumn Budget looms

IFAs see surge in client enquiries as Autumn Budget looms

Clients seeking changes ‘biggest challenge’ for more than two-thirds of advisers

Isabel Baxter
clock 10 October 2025 • 2 min read
Autumn Budget 2025: IFAs see surge in client enquiries ahead of Budget day

Autumn Budget 2025: IFAs see surge in client enquiries ahead of Budget day

The updates advisers need in the run up to the Autumn Budget 2025 on 26 November

Professional Adviser
clock 10 October 2025 • 1 min read