AWD Chase de Vere has upheld at least eight Keydata complaints and paid £200,000 in compensation to one client.
AWD would not confirm the total number of Keydata complaints it has received or the total amount of compensation paid but admitted it has received 15 Keydata complaints via law firm Regulatory Legal.
Of the 15 Regulatory Legal complaints, AWD has upheld eight and the law firm has referred seven to the Financial Ombudsman Service.
One case brought by Regulatory Legal saw AWD pay the client £200,000 compensation.
The FOS has returned initial adjudications on four cases that were all upheld and which AWD is now contesting.
Regulatory Legal director Gareth Fatchett says: “Our data suggests AWD is the biggest Keydata distributor after Norwich & Peterborough.
“While we note that AWD has fewer Keydata sales than N&P, the sums involved are substantially more.”
An AWD spokesman says: “We have upheld some Keydata complaints and the clients are receiving 100 per cent of the compensation due. We also upheld eight complaints sent to us through Regulatory Legal. We have reviewed these cases in the same way we review all complaints.”