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

FCA reveals 13 firms applied for targeted support authorisation

FCA reveals 13 firms applied for targeted support authorisation

Up from seven in March

Sophia Panayi
clock 01 July 2026 • 2 min read
FCA establishes rules and standards for crypto in the UK

FCA establishes rules and standards for crypto in the UK

'Long overdue'

Patrick Brusnahan
clock 30 June 2026 • 2 min read
FCA eyes simplifying rules for advised sales of insurance products

FCA eyes simplifying rules for advised sales of insurance products

To create a clearer boundary between advised and non-advised sales

Cameron Roberts
clock 29 June 2026 • 4 min read