FOS reveals upheld Keydata case with £60k redress

Laura Miller
clock

The Financial Ombudsman Service (FOS) has revealed details of a complaint where it has ruled in favour of a couple and against their IFA in a £60,000 case.

The FOS rarely reveals details of rulings, though many upheld Keydata complaints have been made public by claimants since Keydata went into administration in June 2009. In this case, dated November 2012, the IFA said the investors, Mr and Mrs K, described themselves as "cautious" but were willing to accept some risk, and that the risk of investing in Keydata was explained to them in a "clear and not misleading way". But the FOS said the IFA's advice demonstrated a "complete disregard for their interests". In its ruling, the Ombudsman warned IFAs against over-reliance on risk profil...

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

Trian and General Catalyst to purchase Janus Henderson for $7.4bn

Trian and General Catalyst to purchase Janus Henderson for $7.4bn

Will continue to be led by current management team

Patrick Brusnahan
clock 23 December 2025 • 2 min read
2025 reflections: How strong companies trumped politics

2025 reflections: How strong companies trumped politics

Fears of an AI market bubble persist

Ryan Hughes
clock 23 December 2025 • 3 min read
What does 2026 hold for investment?

What does 2026 hold for investment?

‘The disruptors of yesterday are now the establishment’

Jen Frost
clock 17 December 2025 • 3 min read