The Financial Conduct Authority (FCA) has banned and fined Keydata's former finance director, Craig McNeil, £350,000 for failures relating to the collapse of an investment worth billions at its peak.
In his role as finance director McNeil "failed to act with due skill, care and diligence", the FCA said, and he failed to understand the risks involved in actions he was taking with investors' money that helped lead the investment to fail. Keydata, which designed and sold investment products to retail investors via financial advisers, collapsed in 2009, leading to thousands of mis-selling claims against advisers who sold the investment as "low risk". The Financial Service Compensation Scheme (FSCS) paid out compensation to the majority of investors on the grounds they had suffered wid...
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