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Fund firms want Keydata inquiry

Fund management chief executives have called for an independent inquiry into the failure of Keydata to avoid similar failures in the future.

Chief executives, including Cazenove Capital Management’s Andrew Ross and Rathbone Brothers’ Andy Pomfret, have signed a letter calling for a Keydata inquiry to be set up.

Other signatories include Hargreaves Lansdown executive director Peter Hargreaves, Brewin Dolphin Holdings executive chairman Jamie Matheson, Charles Stanley Group chairman Sir David Howard, Fleming Family & Partners chief executive Mark Davies, Smith & Williamson chairman Gareth Pearce and Vestra Wealth managing partner David Scott.

The letter says the investment management industry supports the general purpose of the Financial Services Compensation Scheme but there are concerns about the £326m industry levy, mainly to pay for claims relating to Keydata unit Lifemark, and how it has been allocated.

The letter says: ” We urge the setting up of a full and independent inquiry to establish what happened and how it can be avoided in the future.”

Evolve Financial Planning director Jason Witcombe says: “An inquiry into the Keydata failure is something that needs to be looked at. The point of any inquiry is to ensure that lessons are learned and a Keydata inq-uiry could ensure consumers are protected under the FSCS but adviser firms are also treated more fairly.”

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