FSA raised concerns about Keydata Isa practices 8 years ago
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Hannah Stodell
The FSA raised concerns about potentially "misleading" Keydata Isa guides eight years ago, according to a Scotsman report from 2001.
A report in the Scotsman dated July 30, 2001 says the FSA was “annoyed” by the fact that Keydata did not put clear information across about the product they were selling in an IFA-sponsored Isa guide.
It says a FSA insider said: “Major charges and penalties were not highlighted.”
The report says the guides promoted a so-called “protected” Isa devised by Barclays bank.
Keydata was instructed by the FSA to write to 500 investors who took the guide's advice and offered them the opportunity to cancel their investments and get their money back.
A FSA spokeswoman refused to comment.
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Readers' comments (1)
Julian Stevens | 30 Jul 2009 4:33 pm
FSA raised concerns about Keydata Isa practices 8 years ago
What, in the way of monitoring of KeyData, has the FSA been doing since it first identified these reasons for concern 8 years ago? The fact that an FSA spokeswoman refuses to comment pretty well tells us the answer to that one.
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