Sanlam challenges FSCS on Keydata legal action

Laura Miller
clock •

Sanlam Private Wealth has written to lawyers for the Financial Services Compensation Scheme to dispute their claims that it gave negligent advice on Keydata products, saying it has never advised on the investments.

In the letter, Nigel Speirs, chief executive of Sanlam Private Wealth, accepts investors listed in particulars of claim court documents sent by law firm Herbert Smith are current Sanlam clients. But according to Speirs these are clients who were transferred to the firm from their then adviser Owen Jennings in December 2007. No advice has been given by Sanlam or its appointed representatives to these clients to invest in Keydata products, he said. "We therefore do not have any liability under this action," he wrote. In October, Herbert Smith, the law firm representing the FSCS, s...

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

Stock market crashes – the rational and the emotions

Stock market crashes – the rational and the emotions

'Several characteristics associated with previous pre-crash periods are present today'

Paul Wood
clock 30 September 2026 • 5 min read
Baillie Gifford workforce faces 10% reduction following voluntary exit programme

Baillie Gifford workforce faces 10% reduction following voluntary exit programme

Around 160 roles vacated

clock 23 September 2026 • 1 min read
Nine SJP funds flagged for underperformance in AoV despite improvements on last year

Nine SJP funds flagged for underperformance in AoV despite improvements on last year

89% of assets given green light

Alex Sebastian
clock 22 September 2026 • 2 min read