FSA approved 'unsuitable' Keydata advice

In July, the adjudicator said advice given by Colin Stratton, director at Page & Page Financial Services, for a retired couple to invest £30,000 into a Keydata Defined Income Plan in March 2009 was "unsuitable". But in what may be a unique case, it has emerged the FSA had looked at the same file during a treating customers fairly (TCF) supervision visit in April 2009, and found the advice "suitable for the clients' objectives and risk profile". Keydata was declared insolvent in June 2009, putting £350m of customers' investments in doubt. Investors have been invited to apply for com...