SWIP swells profits but lands £4m Keydata levy

Scott Sinclair
clock

Scottish Widows Investment Partnership (SWIP) contributed more than £4m last year toward compensating investors in failed investment company Keydata.

The company paid £4,137,845 in 2010 toward a total £326m interim levy payable by the FSCS's investment management and investment intermediation sub-classes. This was significantly up from SWIP's £70,812 contribution to an £80m interim levy the previous year, the vast majority of which was controversially met by the investment intermediation sub-class. Keydata was in default under FSCS rules in June 2009. Meanwhile, SWIP made profits of almost £66m in 2010 from revenues of £185m, up from profits of almost £16m from £107m revenues the previous year, according to the group's 2010 acco...

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 Investment

Quality investing: Holding conviction when markets test investors

Quality investing: Holding conviction when markets test investors

Quality investors have no doubt had their conviction 'severely tested' of late

Scott Spencer
clock 31 March 2026 • 5 min read
Darius McDermott: The five-year laggards - can they revive?

Darius McDermott: The five-year laggards - can they revive?

'It's a complex backdrop for investors'

Darius McDermott
clock 31 March 2026 • 6 min read
Protecting portfolios during heightened inflation risk

Protecting portfolios during heightened inflation risk

'This is a year for careful, defensive positioning'

Fahad Hassan
clock 30 March 2026 • 3 min read