FSCS lawyers reveal hitlist of Keydata advisers facing legal action

Laura Miller
clock

Lawyers hired by the FSCS to pursue claims against IFAs who recommended Keydata have sent out letters with the name and addresses of every firm it is chasing, including details of principals of appointed representative firms.

The letter from Herbert Smith gives the details of 537 financial services firms which invested clients in Keydata. The FSCS is pursuing recovery from them of the compensation it has paid out to Keydata investors. Most of the names on the list are small advice businesses. It also includes large financial institutions, national advisers, networks, and at least one platform. Where the firms are appointed representatives, the name of the principal adviser is given. Investors' names are also listed. Barclays Bank features on the list, related to advice given via the Woolwich. Transact i...

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

PA360: Framing of information to investors 'extremely pervasive'

PA360: Framing of information to investors 'extremely pervasive'

Consumer Duty states consumer biases must not be exploited

Jenna Brown
clock 25 April 2024 • 1 min read
Schroders chief executive Peter Harrison to retire in 2025

Schroders chief executive Peter Harrison to retire in 2025

Harrison began his career at Schroders as a graduate in 1988

Cristian Angeloni
clock 24 April 2024 • 2 min read
Future of Investment Festival: Our specialist sessions for advisers

Future of Investment Festival: Our specialist sessions for advisers

Future-proofing advice, building sustainable portfolios, all things SDR

Professional Adviser
clock 19 April 2024 • 2 min read