Stewart Ford slams FSA for sending Keydata report to wrong address
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Keydata founder Stewart Ford has lodged a complaint with the FSA alleging that the regulator delivered his confidential copy of the Keydata preliminary investigation report to his ex-wife.
The complaint, seen by Money Marketing, claims that in August the FSA delivered a 5,000-page package of sensitive documents, held on unencrypted discs, to Ford’s ex-wife in Glasgow.
Ford says a separate copy was also sent to his lawyers.
He says: “This is incompetence beyond belief, especially as the regulator knew to deal with my lawyers and had my Swiss address. The implications of what the FSA has done are significant.”
An FSA spokeswoman says the FSA does not comment on the individual complaints it receives.
Money Marketing revealed last month that the FSA had come under attack from the Complaints Commissioner for the way in which it delivered its preliminary investigation reports to Keydata director Mark Owen and head of compliance Peter Johnson in August.
Ford has launched judicial review proceedings against the FSA over the way it carried out its investigation into Keydata, which will be heard at the High Court in London on July 21.
The FSA began investigating Keydata in December 2007 and says its investigation is at an advanced stage.
Keydata was put into administration in June 2009, with complaints relating to Keydata triggering an interim Financial Services Compensation Scheme levy of £326m in January this year.
In April, the Serious Fraud Office announced it had dropped its investigation into Keydata, citing a lack of evidence.
A statement on the SFO website says the SFO is continuing in its attempts to trace the £100m assets invested in Luxemburg-based vehicle SLS Capital and will provide a further update in July.
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Readers' comments (17)
Patrick Schan | 9 Jun 2011 9:49 am
How many times do we read "An FSA spokeswoman says the FSA does not comment".
This is an unbelievable organisation.
This is supposed to be a democracy; a free country with freedom of information. The government is a disgrace for allowing this to go on.
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Chris F | 9 Jun 2011 9:52 am
I am shocked, shocked to find there is incompetence at the FSA!
(From Casablanca: Captain Renault: I'm shocked, shocked to find that gambling is going on in here!
[a croupier hands Renault a pile of money] )
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Paul Nash | 9 Jun 2011 10:08 am
The FSA have a well-earned reputation for stupidity and incompetence.
Perhaps that's why there is nothing further for their Spokeswoman to comment on?
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Jerry | 9 Jun 2011 10:11 am
So if I receive a complaint from a client (which I never have like many IFA s) all I have to say to the FSA is I do not comment! Or is it one rule for the FSA and one for everybody else? Sadly I think the latter is true.
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Anonymous | 9 Jun 2011 10:12 am
If an authorised firm had sent sensitive data to the wrong address, how many millions would the FSA have fined them? Are they going to take disciplinary action and fine themselves???
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Anonymous | 9 Jun 2011 10:43 am
Have you never heard the response
'Do as I say not as I do'
This years 'Hippo of the year award" to be presented to Mr Sants et al!
With the recent salary information, Hungry Hippos seems to sum them all up quite nicely in more ways than one.
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Richard | 9 Jun 2011 11:04 am
The FSA does not thrive on incompetence by chance.
It takes Poor preparation and unaccountability, as displayed by Messrs Saints and Nichols at the treasury select committee
( Providing evidence) to set the bar this low.
If you breed Whippets you can't expect a Greyhound!
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Exasperated me | 9 Jun 2011 11:08 am
Can you imagine trying to pin something on an eel? An eel that has multiple places of residence, a murky pond, a sewage pipe. It will wriggle and wriggle until you chop its head off and even then it will wriggle some more.
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Chris F | 9 Jun 2011 11:26 am
To: Exasperated me.
I have no idea what you are talking about, but I do wonder about how you spend your spare time :)
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Anonymous | 9 Jun 2011 11:41 am
So to summarise they had 3 warning notices to send out at the same time and they managed to mess every one of them up. Thank god that do not deal with clients, however it is unfortunate they have to deal with the industry.
They should be fining themselves for this incomeptence
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