Regulator claims another scalp in Keydata fallout

Laura Miller
clock

The Financial Conduct Authority (FCA) has banned a former adviser to SLS Capital - the company whose bonds underpinned the failed Keydata investments - for giving the misleading impression that the SLS bonds were soundly backed assets.

Former chief executive of CIB Partners Arnold Eber was engaged as an adviser to Luxembourg-based special purpose vehicle SLS Capital between September 2007 and mid-2009. From September 2007, the FCA found that Eber had become aware that without continuous cash injections there was a high risk that the SLS portfolio - a collection of second hand life policies on which premiums needed to be paid for by SLS until maturity - would suffer from severe liquidity problems within a year. As Eber expressed it, SLS was "bankrupt" because of the amount of interest outstanding to bondholders versu...

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 Regulation

FOS reveals next phase of reforms

FOS reveals next phase of reforms

Including new powers to dismiss certain cases

Isabel Baxter
clock 11 August 2026 • 3 min read
Court sets trial date in illegal financial promotions case

Court sets trial date in illegal financial promotions case

Lucy Beck pleads not guilty

Sophia Panayi
clock 31 July 2026 • 1 min read
FCA flags weak customer outcome focus in firms' monitoring frameworks

FCA flags weak customer outcome focus in firms' monitoring frameworks

Consumer Duty review found inconsistent governance and oversight

Sophia Panayi
clock 27 July 2026 • 2 min read