Keydata claims another adviser as 28 firms declared in default

Another Keydata adviser has been declared in default by the Financial Services Compensation scheme (FSCS), as it published a new list of 28 advice firms unable to meet claims against them.

Cambridgeshire-based Beacon Financial Limited joined a pool of advice firms which defaulted in the wake of the Keydata scandal, that lost hundreds of millions of investors' money and for which the FSCS is still pursuing advisers through the court. Beacon was part of a list of 28 advisers newly declared in default by the FSCS on Thursday. The scheme declares firms in default after it has received at least one claim against them - whether directly or through the Financial Ombudsman Service (FOS) - and has determined the firm is unable to meet them claim. Other firms on the list inclu...