The Financial Conduct Authority (FCA) has seen the Upper Tribunal uphold the bans and fines it gave to Stewart Ford and Mark Owen, the respective former CEO and sales director of Keydata Investment Services.
The tribunal found both men acted without integrity and failed to deal with the FCA's predecessor - the Financial Services Authority - in a co-operative and open way. It said both Ford and Owen made false statements to the watchdog in compelled interviews and failed to instruct Keydata's compliance officer not to mislead the regulator. The FCA has been directed by the Upper Tribunal to fine Ford £76m and Owen £3,240,787 and to ban them from performing any role in regulated financial services. Keydata designed and distributed investment products both directly and via financial advisers...
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