FSCS lawyers reveal hitlist of Keydata advisers facing legal action

Laura Miller
clock

Lawyers hired by the FSCS to pursue claims against IFAs who recommended Keydata have sent out letters with the name and addresses of every firm it is chasing, including details of principals of appointed representative firms.

The letter from Herbert Smith gives the details of 537 financial services firms which invested clients in Keydata. The FSCS is pursuing recovery from them of the compensation it has paid out to Keydata investors. Most of the names on the list are small advice businesses. It also includes large financial institutions, national advisers, networks, and at least one platform. Where the firms are appointed representatives, the name of the principal adviser is given. Investors' names are also listed. Barclays Bank features on the list, related to advice given via the Woolwich. Transact i...

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

Advisers notice growing client demand for bespoke investments

Advisers notice growing client demand for bespoke investments

Want access to ETFs, investment trusts, equities, bonds and AIM shares

Isabel Baxter
clock 17 April 2025 • 2 min read
FCA outlines final CCI ruling timeline as it brings out second consultation

FCA outlines final CCI ruling timeline as it brings out second consultation

'Detailed engagement' to continue

Eve Maddock-Jones
clock 16 April 2025 • 3 min read
Talking with… Rathbones Asset Management's James Thomson

Talking with… Rathbones Asset Management's James Thomson

The series continues as Richard Romer-Lee chats to James Thomson

Richard Romer-Lee
clock 14 April 2025 • 4 min read