Keydata: IMA says scale of failure on par with Barlow Clowes

Scott Sinclair
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The Investment Management Association (IMA) has called for an independent review into the collapse of Keydata and other investment firms and said the scale of recent failures has not been seen since the Barlow Clowes scandal of the 1980s.

Chairman Douglas Ferrans (pictured) said "lessons must be learned" from the demise of Keydata Investment Services, Pacific Continental and Square Mile Securities, among other businesses. The Financial Services Compensation Scheme (FSCS) has levied the advisory and fund management industries more than £400m in the last two years to compensate customers affected by the firms' collapses. Speaking at the IMA Chairman's Dinner this week, Ferrans said: "In the last three years the failure of investment firms has led to a total compensation bill approaching £500m. "The scale of recent fai...

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