Keydata

The Financial Services Compensation Scheme (FSCS) looks set to stump up $10m to allow a controlled liquidation of Lifemark after the other main contender for a rescue of the fund pulled out.

The Financial Services Compensation Scheme (FSCS) has put together a deal to provide liquidity for the Lifemark portfolio to rival a $150m loan offer brokered by Keydata founder Stewart Ford.

Lawyers acting for the FSCS have sent IFAs who recommended their clients invest in Keydata - and who the FSCS has now paid compensation - letters of claim saying the scheme will pursue the firms for recovery of the money.

Stewart Ford, the founder of Keydata, today won a landmark High Court judgment against the FSA when the judicial review he brought against the regulator concluded the FSA acted unlawfully in its use of legally privileged material in its enforcement investigation....

The Investment Management Association (IMA) has called for an independent review into the collapse of Keydata and other investment firms and said the scale of recent failures has not been seen since the Barlow Clowes scandal of the 1980s.

Scottish Widows Investment Partnership (SWIP) contributed more than £4m last year toward compensating investors in failed investment company Keydata.

The Financial Services Compensation Scheme - often described as the lifeboat of the financial services industry - offers investors a life jacket if their savings and investments have been put at risk, but, following the collapse of Keydata, many product...

The FSCS will prioritise the fund management sector ahead of IFAs when it rebates the interim levy with any recoveries linked to Keydata.

Norwich & Peterborough (N&P) has had its financial strength rating downgraded by Moody's, a week after the building society revealed it faces a £57m Keydata compensation bill.

The IMA has distanced itself from earlier proposals to launch a judicial review into the funding of the FSCS, as it looks at "other options" to tackle the levy on behalf of its members.