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

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...