FOS reveals why it won't pay out on Keydata claim

Laura Miller
clock

The Financial Ombudsman Service (FOS) has revealed details of a Keydata claim where it ruled against the IFA but decided no redress would be paid to the investor.

The FOS rarely reveals details of rulings, though many Keydata complaints upheld by the Ombudsman have been made public by claimants since Keydata went into administration in June 2009. In its ruling, dated November 2012, the FOS said that, although the IFA was wrong to recommend that 'Mr W' should invest £15,000 in a Keydata bond, and that he had undoubtedly suffered as a result, the misappropriation of the Keydata SLS funds was a significant material factor. Luxembourg-based life settlement vehicle SLS Capital collapsed with some £103m of investors' money after it emerged £20m had b...

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

US investment manager Nuveen to buy Schroders in £9.9bn deal

US investment manager Nuveen to buy Schroders in £9.9bn deal

Combined group will oversee almost $2.5trn of assets under management

Linus Uhlig
clock 12 February 2026 • 2 min read
UK DIY investment grew by more than £100bn in 2025

UK DIY investment grew by more than £100bn in 2025

According to data released by Boring Money

Patrick Brusnahan
clock 11 February 2026 • 2 min read
Darius McDermott: Think active for the decade ahead

Darius McDermott: Think active for the decade ahead

'There are reasons to be nervous about the largest companies in the index'

Darius McDermott
clock 11 February 2026 • 5 min read