Keydata boss to sue regulator for ‘abuse of power'

The former boss of failed investment firm Keydata is suing the regulator for £371m, accusing it of a "politically motivated" abuse of power.

Stewart Ford (pictured), who founded and ran the company until the Financial Services Authority (FSA) appointed PwC to put it into administration in June 2009, last week sent the regulator a letter informing it of his intention to pursue legal action, according to the Sunday Times.   "The purpose was to demonstrate the effectiveness of the FSA as a robust regulator in the wake of the financial crisis of 2008 and thus restore public confidence in the FSA," he wrote, according to the newspaper. "The FSA’s actions as carried out by the investigation team were politically motivated and...