FSCS legal team awarded for pursuit of Keydata advisers

Keydata collapsed in 2009, leading to thousands of mis-selling claims against advisers, and a decision by the FSCS to pay out compensation to investors on the grounds they had suffered widespread "fraudulent misrepresentation". In total the FSCS paid out £326m to Keydata investors, sending the levies paid by advisers to the scheme soaring. To date, the FSCS said it has secured more than £122m in recoveries and incurred approximately £20.3m in costs in relation to Keydata. The FSCS' own legal team, which has worked with law firm Herbert Smith to pursue the hundreds of firms who advi...