Sants pledges worst Keydata offenders face extra punishment

Scott Sinclair
clock

The chief executive of the FSA has moved to reassure adviser firms the worst Keydata offenders will face further regulatory action, including being fined.

Hundreds of distributors have been up in arms at having to pay a share of the latest FSCS interim levy, including compensation costs of £93m relating to the failure of Keydata. They argue they did not recommend Keydata products and therefore should not have to pay compensation costs. But Hector Sants pledged the FSA may take "further regulatory action in respect of individual live distributor firms" who did recommend Keydata investments. He said he could not disclose details of any action the FSA is taking due to confidentiality restrictions. The promise was in a letter to Informed...

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

Wren Sterling adds £900m AUM with London-based IFA acquisition

Wren Sterling adds £900m AUM with London-based IFA acquisition

Evans Hart brings nearly 2,500 clients to the group

Sahar Nazir
clock 12 December 2025 • 2 min read
Demand for entry-level talent forces expansion of Nucleus-backed We Are Change scheme

Demand for entry-level talent forces expansion of Nucleus-backed We Are Change scheme

Foundation reports rising demand for entry-level routes into financial services

Sahar Nazir
clock 12 December 2025 • 2 min read
'Mounting anxiety' from Autumn Budget leading to more financial advice enquiries

'Mounting anxiety' from Autumn Budget leading to more financial advice enquiries

Enquiries for financial advice up by nearly a quarter following Budget

Sahar Nazir
clock 11 December 2025 • 1 min read