IFAs who help clients invested in Keydata complete compensation scheme forms could leave themselves without professional indemnity insurance (PII) if future claims arise, lawyers warn.
In September, the Financial Services Compensation Scheme (FSCS) confirmed investors with Keydata products backed by Lifemark are "eligible" for compensation. However, they will not know how much they will receive until the end of October and must still apply for the funds. Many investors have turned to their IFA for help filling in the forms, in which claimants must convince the FSCS they relied solely on flawed promotional material issued by Keydata advertising its Secure Income Bonds and Secure Income Plans. But guidance from law firm Mills & Reeve warns IFAs giving advice on fillin...
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