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

Chris Justham: Why the industry must 'entertain and engage' investors

Chris Justham: Why the industry must 'entertain and engage' investors

‘We can’t just offer them a dry cracker and ask them to chew it down’

Chris Justham
clock 07 October 2026 • 3 min read
Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Two new funds launched

Michael Nelson
clock 06 October 2026 • 6 min read
Darius McDermott: Is it time to take another look at China?

Darius McDermott: Is it time to take another look at China?

'It has been a difficult period for the Chinese stock market'

Darius McDermott
clock 06 October 2026 • 5 min read