FOS reveals why it won't pay out on Keydata claim

Laura Miller
clock

The Financial Ombudsman Service (FOS) has revealed details of a Keydata claim where it ruled against the IFA but decided no redress would be paid to the investor.

The FOS rarely reveals details of rulings, though many Keydata complaints upheld by the Ombudsman have been made public by claimants since Keydata went into administration in June 2009. In its ruling, dated November 2012, the FOS said that, although the IFA was wrong to recommend that 'Mr W' should invest £15,000 in a Keydata bond, and that he had undoubtedly suffered as a result, the misappropriation of the Keydata SLS funds was a significant material factor. Luxembourg-based life settlement vehicle SLS Capital collapsed with some £103m of investors' money after it emerged £20m had b...

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

Did the bond market cause Trump's tariff U-turn?

Did the bond market cause Trump's tariff U-turn?

90-day pause on tariffs introduced on ‘Liberation Day’

Laith Khalaf
clock 24 April 2025 • 3 min read
RLAM implements Sustainability Focus label across £11bn portfolio range

RLAM implements Sustainability Focus label across £11bn portfolio range

Across a mix of funds and trusts

Cristian Angeloni
clock 23 April 2025 • 1 min read
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