View more on these topics

MP calls Sants to Commons to explain FSA’s Keydata role

Government whip Chloe Smith has demanded a meeting with FSA chief executive Hector Sants over the collapse of Keydata.

Smith, who is Conservative MP for Norwich North, wants Sants to visit Westminster to explain the FSA’s role in the crisis.

She has already met Financial Services Compensation Scheme chief executive Mark Neale to seek information on Keydata.

Smith says “many concerns remain” and people want to know what the FSA knew about Keydata before its problems surfaced. People in Smith’s constituency were hit hard by the debacle as the Norwich and Peterborough Building Society was one of the biggest firms to advise clients to invest in Keydata.

AWD Chase de Vere head of communications Patrick Connolly says: “Any influence that politicians can give that helps to provide a speedy outcome is appreciated.

“There are lots of moving parts in this and I would suggest it could take lots of time for a politician to get up to speed with what is going on.”

The Financial Services Compensation Scheme introduced an £80m levy on intermediaries earlier this year to pay for claims relating to Keydata, NDFA, and Arc Capital & Income.

The FSCS will decide in September whether Keydata clients with investments in Lifemark will be able to claim for compensation. Around 23,000 Keydata clients invested £349m in Lifemark.

Recommended

Skipton withdraws two-year deals over service concerns

Skipton Building Society withdrew its new two-year mortgage range last week after a high level of demand which led to concerns about service levels. Skipton sent an email to advisers explaining that the range was to be removed. The products were introduced five weeks ago and included a mix of two-year fixed rate and trackers. […]

Threadneedle bolsters fixed income team

Threadneedle has appointed Jonathan Pitkänen as head of investment grade research. Pitkänen takes on the role following the appointment of Jim Cielinski to become head of fixed income from October. Pitkänen joins on September 15, 2010, and will report to David Oliphant, who manages the group’s corporate bond fund. He will manage the credit analyst […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Personally I think it is a mistake to keep referring to the losses most of us have made, due to the Keydata aministration, as loss of ‘investments’. Many of us did not purchase an investment – we purchased a pension! Our loss is our monthly pension, something we saved up for, in personal pension savings schemes, throughout our working lives. WE DID NOT KNOWINGLY INVEST IN KEYDATA – WE PURCHASED A PENSION FROM THEM; A PENSION DESCRIBED AS SAFER THAN WITH PROFITS ANNUITIES!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com