Keydata

Steward Ford says the FSA is to blame for the collapse of Keydata as it was 'desperate to look tough and claim scalps' after its failure to properly regulate the banking sector.

A consortium of IFAs and investors in Lifemark, including Norwich & Peterborough (N&P), have united to try to save the troubled fund, amid criticism Keydata founder Stewart Ford is making "impossible" promises to investors.

Lifemark administrators have sold off £2.9m worth of assets to save the fund from liquidation for another few months.

The Luxembourg regulator has renewed Keydata backer Lifemark's administration period for another six months.

An elderly couple say they would be ‘very wary' of using an IFA again, after finding themselves caught up in both the Keydata and Park Row debacles.

Adviser Alliance(AA)has bemoaned the rise of consumer power in light of the first successful Keydata claim and says advisers should not "carry the can" for company failings.

The Keydata victims website has been relaunched after its predecessor was forced to shut-down following a libel dispute.

The Keydata saga was further complicated this week as a row broke out between Norwich & Peterborough and the FOS over the sales of Keydata plans through the building society.

Norwich & Peterborough's (N&P) chief executive says its customers lost money in Keydata because of fraud, not mis-selling, and he has passed the buck for compensation to the FSA and FSCS.

A UK investment fund has emerged as Lifemark's best hope for a rescue deal after US hedge fund CarVal walked away from talks, the fund's administrator says.