The Financial Services Compensation Scheme's (FSCS) pursuit of IFAs who it alleges mis-sold Keydata products has been delayed after the scheme reached settlement deals with some of the firms' professional indemnity (PI) insurers.
The FSCS is pursuing around 500 financial advisers through the courts who it accuses of selling Keydata investments - both those backed by Lifemark and SLS bonds - to unsuitable clients, in order to recoup some of the £400m the scheme has paid out in compensation to those clients. A case management conference - where the FSCS would outline its claims against six lead test case firms - was due to be held on the 21 March, but this has now been pushed back to sometime in May, according to law firm Beale and Company partner Damian McPhun, who is representing a number of advice firms who are ...
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