18 Jan 2019
The Financial Conduct Authority (FCA) has announced details of fines published so far during the calendar year ending 2019. The penalties amount to around £79 million.
Tabled figures show that on 16 January this year it fined ex-Keydata Investment Services CEO Stewart Owen Ford £76 million for ‘failing to act with integrity’ and for failing to ‘deal with the Authority in an open and cooperative way’ between 26 July 2005 and 8 June 2009.
Keydata, which was dissolved in 2014, allegedly sold complex products based on misleading brochures, amongst other issues. Many people lost money in the scandal, which saw many elderly people invest over £450 million into the firm.
Ford had challenged the fine when it was previously issued, however in November 2018 the FCA reportedly said London’s Upper Tribunal had decided to uphold the fine. It also upheld the FCA’s ban against him.
Also appearing in the FCA list of fines is the £3,240,787 penalty against Mark Owen, the ex-sales director of Keydata Investment Services. Owen was also issued with a ban.
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