Keydata boss Ford denies responsibility for record FSCS levy

Laura Miller
clock

Stewart Ford, the former Keydata director whose firm's collapse drove the FSCS interim levy to the highest on record, has denied responsibility for the £326m fee and claimed advisers are a scapegoat for the FSA's mistakes.

Speaking to Professional Adviser, Ford also called for the levy to become a loan to save Keydata backer Lifemark’s assets from a liquidation firesale. This could provide a lifeline for intermediaries and give clients a chance of being repaid when the portfolio matures, according to Ford. “Keydata’s insolvency was manufactured by the regulator and aided and abetted by PwC. Now, two years later IFAs and fund managers are being asked to stump up a lot of money to pay levies that are absolutely ridiculous,” he said. However, both Lifemark’s provisional administrator, KPMG’s Eric Collard, ...

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

Sector divided on Reeves' pullback on Cash ISA reform

Sector divided on Reeves' pullback on Cash ISA reform

‘A big win for defenders of a broken system’

Sorin Dojan
clock 11 July 2025 • 2 min read
FCA flags progress on internal DEI targets and urges action on Consumer Duty

FCA flags progress on internal DEI targets and urges action on Consumer Duty

According to the FCA report 2024-2025

Sahar Nazir
clock 11 July 2025 • 2 min read
FCA reviewing client categorisation rules to distinguish retail investors from the pack

FCA reviewing client categorisation rules to distinguish retail investors from the pack

Goal of 40 more initiatives to be completed by year end

Eve Maddock-Jones
clock 10 July 2025 • 2 min read