FOS reveals upheld Keydata case with £60k redress

Laura Miller
clock

The Financial Ombudsman Service (FOS) has revealed details of a complaint where it has ruled in favour of a couple and against their IFA in a £60,000 case.

The FOS rarely reveals details of rulings, though many upheld Keydata complaints have been made public by claimants since Keydata went into administration in June 2009. In this case, dated November 2012, the IFA said the investors, Mr and Mrs K, described themselves as "cautious" but were willing to accept some risk, and that the risk of investing in Keydata was explained to them in a "clear and not misleading way". But the FOS said the IFA's advice demonstrated a "complete disregard for their interests". In its ruling, the Ombudsman warned IFAs against over-reliance on risk profil...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

PA360: 'Diversified approach has room for both active and passive' - David Coombs

PA360: 'Diversified approach has room for both active and passive' - David Coombs

‘Volatility is your friend if you are a long-term investor’

Jenna Brown
clock 01 May 2025 • 2 min read
PA360: FOMO can 'significantly' alter investors' risk appetite

PA360: FOMO can 'significantly' alter investors' risk appetite

Albemarle Street Partners’ Charlie Parker on the social element of investing

Isabel Baxter
clock 01 May 2025 • 1 min read
PA360: Investors must understand importance of 'proper diversification'

PA360: Investors must understand importance of 'proper diversification'

‘Investors don’t have to choose a single door’

Sahar Nazir
clock 01 May 2025 • 1 min read