Sanlam challenges FSCS on Keydata legal action

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...