Keydata accuses FSA of 'not acting in best interests of consumers'

Keydata Investment Services has hit out at the FSA saying the regulator did not need to declare it i...

Keydata Investment Services has hit out at the FSA saying the regulator did not need to declare it insolvent and there "was another route out". A source close to the structured product (SP) administrator, which has £2.8bn assets under management, says it does not agree with the FSA's decision and believes it has not acted in the best interests of the 85,000 consumers affected. It says it offered the FSA another option rather than to be declared insolvent but this was rejected as the regulator argued Keydata was unable to meet its liabilities. "If the FSA hadn't taken this action then ...