Some of the biggest names in financial services, including Cazenove CEO Andrew Ross and Peter Hargreaves, are calling for a "full and independent" inquiry into the collapse of Keydata to ensure similar failures are avoided in the future.
A letter penned by Rathbone Brothers chief executive Andy Pomfret and signed by seven others demands lessons are learned from Keydata's failure. Financial advisers, private-client brokers and wealth managers have been outraged by a £233m interim levy bill they were landed with by the FSCS last month, largely to cover Keydata's clients' losses. The letter, printed today in the Financial Times, reads: "Sir, There has been much debate regarding the levy imposed by the Financial Services Compensation Scheme on the private client investment management industry following the failure of K...
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