Financial Services Compensation Scheme (FSCS) chief executive Mark Neale has said next year the service hopes to be able to publish a full account of what it has clawed back from firms who mis-sold Keydata products.
The FSCS levied the investment advice sector £93m in 2011 - and the fund management industry £233m - mainly to cover the cost of compensating some 20,000 Keydata investors after the firm collapsed in 2009. Neale said in a statement on Wednesday: "I can assure levy payers that we aim to maximise recoveries and will not spend money which does not offer the prospect of a return. "I hope that, by the time we publish our annual report and accounts for 2014/15, we shall be able to provide a full account of our work on Keydata recoveries." > Read: The five year (and counting) Keydata saga...
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