Many cutting remarks have been made about AIFA's apparently-limp challenge to Keydata's classification as an intermediary. Now a lawyer appears to have summed them all up rather succinctly.
Speaking at a judicial review yesterday into the FSCS's decision to levy investment advisers for compensation claims relating to the collapsed company, Anthony Speaight QC said: "In effect, [the FSCS gave] no consideration to the AIFA point". AIFA's 'point' was that Keydata "portrayed" itself as an investment manager and that, as a result, costs arising from successful compensation claims should not be met by IFAs. Speaight's remark was intended as a damning indictment of the FSCS, but it may also serve as testimony to AIFA's inability to force the compensation scheme to reconsider it...
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