FOS reveals upheld Keydata case with £60k redress

The Financial Ombudsman Service (FOS) has revealed details of a complaint where it has ruled in favour of a couple and against their IFA in a £60,000 case.

The FOS rarely reveals details of rulings, though many upheld Keydata complaints have been made public by claimants since Keydata went into administration in June 2009. In this case, dated November 2012, the IFA said the investors, Mr and Mrs K, described themselves as "cautious" but were willing to accept some risk, and that the risk of investing in Keydata was explained to them in a "clear and not misleading way". But the FOS said the IFA's advice demonstrated a "complete disregard for their interests". In its ruling, the Ombudsman warned IFAs against over-reliance on risk profil...