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Topics: Keydata
Lawyers hired by the FSCS to pursue claims against IFAs who recommended Keydata yesterday sent out letters with the names and addresses of every firm it is chasing. IFAonline can now exclusively reveal the full list.
The court particulars of claim from Herbert Smith give the details of 537 financial services firms which invested clients in Keydata products. The FSCS may pursue recovery from them of the compensation it has paid out to Keydata investors.
Some advisers have already contacted IFAonline to say their firm is named incorrectly as they have never sold a Keydata product. They have complained to Herbert Smith and the FSCS.
The list set out below, filed with the High Court, is set to be only the first part of the FSCS's attempt to prove advisers gave negligent advice to Keydata investors, as it only deals with those products backed by SLS.
Many advisers dispute there is any negligence claim to answer.
IFAonline understands Herbert Smith will pursue a second list in due course of firms who recommended clients invest in Lifemark-backed Keydata products. The Lifemark list is likely to feauture five times as many names.
On its website, the FSCS' latest decision on SLS-backed Keydata investments states it compensated those investors because of 'fraudulent misrepresentation' by Keydata in its promotional materials.
"We expect that the vast majority of investors in Secure Income Bond 1, 2 or 3 who held their investment through an ISA ("ISA Investors") will be entitled to be paid compensation by us.
"This is because Keydata's promotional materials stated that the Secure Income Bond 1, 2 and 3 was an ISA investment.
"This was a fraudulent misrepresentation on which investors would have relied when deciding to invest in this product which they thought qualified as an ISA.
"Keydata is therefore liable for the loss which this misrepresentation caused these investors and the FSCS is therefore able to pay compensation in respect of this loss."
Non-ISA investors may be entitled to compensation, the FSCS states, but it will consider the merits of each application before making a decision.
Dexter Perrott of Regulatory Legal, which has set up a group to represent advisers who recommended Keydata in the FSCS action, said: "The SLS element of this is now in play. The Lifemark element will follow and will be significantly larger.
"We have established a client group and set up a private invite only website forum at www.keydatareclaim.ning.com
"Leading counsel has been instructed to provide strategic advice to firms."
"This is going to be an interesting matter as it is clear the FSCS has not reviewed the suitability of advice on all of the files referred to in the litigation."
A & JB Limited
A J Buckley Asset Management Limited
A J Buckley Financial Management Limited
Acumen Financial Partnership Limited
Acumen Independent Financial Advisors Limited
Aegis Financial Consultants Limited
AFH (Vale FS)
AFH Independent Financial Services Limited
Aiming For Utopia Limited
Alan Steel (Asset Management) Limited
Alberni Independent Financial Advice
Alchemy Financial Limited
Alexander Price Limited
Artic Life Pensions ( ALP'S F S Limited)
Altero Financial Services Limited
AMR Financial Management Limited
Andrew Cohen Associates Limited
Andrews Hammond Brady Limited
Annandale Financial Services Limited
Annetts & Orchard Insurance Brokers
Appel Life
Arch Financial Planning Limited
ARG Financial Services Limited
Armstrong Watson
Armstrong Watson Financial Services LLP
Armstrong Watson Ltd
Arnold & McCarthy
Ascot Lloyd Financial Services limited
Ashburn Alexander Limited
Ashcourt Rowan Financial Planning Limited
Ashley Law Limited
Ashton House Independent Financial Advisors
Ashwood Financial Management Ltd
Asset Financial Planning
Asset Management Financial Services
Atkinson Smith (Financial Services) Limited
A V Trinity Limited
AWD Chase De Vere Limited
BAFS Ltd
Bankhouse Financial Management Limited
Barclays Bank PLC
Bartlett Wealth Management Ltd
Barton Financial Planning Limited
Beacon Financial Ltd
Beauchamp Financial Services Limited
Beaumont Robinson Ltd.
Bell Lawrie White & Co. Limited
Beltinge IFA c/o Beltings Eames Ltd
Bensons Bespoke Insurance Limited
Berkely Independent Advisors Limited
Best Practice IFA Group Limited
Bestinvest (Brokers) Limited
BHP Financial Services Limited
Birchwood Investment Management Limited
BKD Financial Services LLP
Bluefin Insurance Services Limited
Bob Espie & Company (Financial Services)
Bradgate Independent Financial Advisors Ltd
Brewin Dolphin Limited
Brian J. Hyman (Life & Pensions) Limited
Bright Financial Services Limited
Burgis & Bullock Limited
Calculis Limited
Calcluth & Sangster ( Financial Services) limited
Cameron Financial Services
Cameron Trinity Limited
Capital Financial Consulting Limited
Cardiff Financial Partnership LLP
Care Asset Management Limited
Carlton Financial Planning Limited
Carr Financial Limited
Caterbar Holdings Limited
Widelist Investments Limited trading as " Castle investment Consultants"
CBHC LLP
CBW Financial Planning Limited
CDH Insurance and Finance Consultants
Cestrian life & Pensions Limited
CH Financial Limited
Chancery Group Limited
Charles Royle & Company
Chartford Financial Management Limited
Chatsworth Financial Management Limited
Cheshire Life and Pensions Consultants
Chessman & Partners
Chriss Dodd Insurance Services
City Gate Money Managers Limited
Citrus Wealth Management Limited
CJL Probate & Financial Services
Clarke and Partners LLP
Clear Financial Advice Limited
Clemence Hoar Cummings
CMC Financial Services Ltd
CMS Financial Management Limited
Coleman Financial Services Limited
Complete Financial Solitions Limited
Cornwall Independent Financial Advisors Limited
County Perry Insurance
Craven Slater & Associates Limited
Crowe Clark Whitehill LLP
Crystal Wealth Management LLP
Cullen Financial Planning Limited
David Allen Walth Management Limited
David Roberts & Partners (Insurance Brokers) Limited
David Zerfahs & Associates
Davies Independent Financial Advisors
Dawe Hawken & Dodd
White Knight Group trading as " Dean Magna Insurance & Financial Consultants"
Decifa Limited
Derek Connor Independent Financial Advisor
Devonshire Asset Management Limited
Dow Financial Services Limited
Drinnan & Associates LLP
DTE Risk and Financial Management Limited
Duchy Financial Planning Ltd
Duchy Financial Services Ltd
Dunham Investment Management Limited
E.F. Misselke Financial Services
E.S Walton & Co Limited
Eastgate Financial Services ( Exeter) limited
Eastwood & Partners (Financial Services) Limited
Echo Financial Planning
Edwards Financial Services Limited
Ellerton Knight Limited
Emery (IFA) Associates Limited
English Mutual Holdings Limited
English Mutual Worcester Limited
Equitas Investment Services Limited
Fehnert Financial Services Limited
Fidelius Ltd
Finance Together Limited
Financial & Taxation Consultants Limited
Financial Investment Centre Limited
Financial Limited
Financial Management Bureau Limited
Financial Planning Bureau Limited
Financial Private Clients Ltd
Financial Solutions
Financially Prudent (Independent Financial Advisors) Limited
Fleetwood Independent Financial Services (1810)
Focused Finanacial Services
Fletcher Investment Consultants Limited
Flower Independent Financial Advisors Limited
Forrester Boyd
Foster Denovo Limited
Francs Jacobs
Fraser Backhouse and Company
Fraser Backhouse Insurance Services Limited
Fraser Colquhoun Independent Financial Advisor
Freeth Cartwright LLP
Future Financial Solutions Limited
Future Plan Financial Services
Gale & Phillipson Life & Pensions Limited
Galleon Independent Limited
GB Financial Consultancy Limited
Gerald Thomas & Co
Gerrard Stuart Financial Services Limited
Gibson Pension and Investments Ltd.
Gill & Partners Limited
Gillespie Financial Services
Gladstone House
Glenburn Financial Services
Global Financial Limited
Gold Independent Financial Advisers Limited
Gordon Blyth (Life & Pensions) Limited
Grant Thornton UK LLP
Gresham Financial Planning LLP
Greystone Financial Services Limited
Griffin Financial Services Limited
Griffiths Financial Planning Limited (315)
Grindleys LLP
Guildhall Financial Manegement Ltd
H E Financial Services Limited
Hallam Smith and Associates Limited
Handscombe Financial Planning Limited
Hansells Solicitors
Harland & Company Financial LLP
Harold Wilson Financial Services Limited
HBJ Gateley Wareing (Scotland) LLP
Hedley Asset Management Limited
Helm Godfrey Partners Ltd
Heritage Independent Financial Services Limited
Heritage Financial Planning
Herts & Essex Financial Services
Hewitt Card (Financial Planning) Limited
HFM Columbus Partners LLP
HFM Columbus Wealth Management Limited
HFS Consultants Limited
HHPG Limited
Hillcrest Insurance & Investment Services
Hodge Bakshi Financial Services Limited
Holyrood Asset Management Limited
Horizons Financial Planning (235)
Horwath Clark Whitehill
William H Howard Limited
Howell Shone Independent Financial Advisers Limited
HRI Investments Limited
Hughes Carne Independent Financial Advisers Limited
IFPC Limited
IFPG Limited
Imperial Independent Financial Advisors Limited
Independent Advisers (Scotland) Limited
Independent Financial Group Ltd
Independent Financial Planning Group Limited
Independent Financial Services (U.K) Limited
Independent Financial Solutions Group Limited
Independent Financial Services
Insurance Partnership Financial
Integrated Financial Arrangements Plc
Investment Management Services
Investments Ltd
Investment Strategies (UK) Limited
IPFM Limited
IPS Capital LLP
IPS Consulting Ltd
J Carr & Co LLP
J M Taylor Limited
J.C Roxburgh & Company Limited
J.R Pritchard Financial & Assurance Consultants
Jackson Financial Planning Limited
Janet Spivey Independent Financial Adviser Limited
Jelf Financial Planning Ltd
JLT Wealth Management Limited (Previously trading as Iimia Financial Planning Limited)
John Hopkinson Associates
John Joseph Financial Services Limited
Johnson Hunt Wealth Management Limited
Jones Peter
Jordan Financial Management Limited
JPM Financial LLP
Julian Harris Financial Consultants
Kellands (Bristol) Limited
Kellands (Cheltenham) Limited
Kellands (Hale) Limited
Kennet Life and Pensions Limited
Kerr Henderson (Financial Services) Limited
Kerr Thomson Financial Services
Kesgrave Financial Services Limited
Kieldsen McLean Financial Services Limited
Kilminster Financial Management
Kilsby Williams & Gould Limited
Kimberley Financial Services
Kingfisher Independent Financial Planning LLP
Kingswood IFA
Kingswood Independent Financial Advisors
KT Financial Services Limited
Knightsbridge Wealth Management
Kohn Cougar
Kudos Independent Financial Services Ltd
Lacomp Plc
Lampott Limited
Laver Financial Limited
Lawrence Clarke General Insurance Services
Lawrence Clarke Limited
Lawton & Taylor Financial Services Limited
Lepretre & Partners Limited
Lewis Brownlee Financial Services Limited
Liddelow Financial Services
Lief Financial Services Ltd
Lighthousetemple Limited
Lighthouse Advisory Services Limited, previously named LighthouseXpress Limited
Lighthouse Vintry 11
Ling Cook Insurance Services Limited
London Asset Management Limited
Lucas Fettes and Partners (Financial Services) Limited
Ludlow Insurance Services Limited
Luker Rowe & Company Limited
M G Shaw (UK) Limited
M.B Smith & Co Ltd
M. Thurlow & Co (Insurance) Brokers
Maestro Financial Services Limited
Maidenhead and Twyford I.B Limited
Marshall James Limited
Martin Aitken Financial Services Limited
Martin Blackie Financial Services
McCourt Financial Management
McEwan Wallace Wealth Management Limited
McHardy & Burnett (Financial Services) Limited
Medical Money Management LLP
Michael Heatherley trading as Andrew Bourne & Co
Miles Smith Limited
Miller Dutton Financial Planning Limited
Milne & Lyall
Mint Financial Services Limited
Mitchell Charlesworth Insurance Solutions Limited
Mitchell Financial Management
Modern Money Financial Services Limited
Moffatt Financial Planning Limited
Monahans Financial Services Limited
Monarch Financial Management Limited
Money Principles
Moneywise IFA Ltd
Moneyworld Limited
Montpelier Asset Management Limited
Montpelier Group (Europe) Limited
Mortgage and Life Limited
Mortimer Associates
Moss & Company
MRE Independent Financial Consultants
Munro Financial Services LLP
N.S Financial Services
N.J Leeson & Co.
Neal and Co Financial Services Limited
Network Data Limited
Newell Palmer & Associates Limited
Newman Wright Financial Advisors
Newton Financial Services
Nolan Baptist & Bond Limited
Norfolk & Suffolk Financial Services Limited
Northcott Wealth Management Ltd
Norwest Consultants Limited
Oakwood Financial Planning Ltd
Optimus Wealth Management Limited
O'Reilly Financial Services LLP
N.T O'Reilly & Partners
Origen Financial Services Limited
Orwell Securities (Ipswich) Limited
Oval Financial Services Limited
Owen and Associates
Page & Page (Financial Services) Limited
Palmer, Riley & Co
Pancholi Investments
Park Row Associates Limited
PB Financial Planning Limited
Pearson Jones plc
Pecunia (Yorkshire) Ltd
Pension & Financial Consultants Limited
Pension & Investment Partners LLP
Pensure Financial Management Ltd
Permanent Alliance Ltd
Personal Touch Financial Services Ltd
Perspective Financial Management Limited
Peter De Dulin Financial
Peter Kettell IFA
PFM Associates Ltd
Phoenix Financial Services Limited
Pilling & Co LP
Plantech Independent Limited
Platinum IFS Limited
Positive Solutions (Financial Services) Ltd
Poynters Financial Services
PQR Financial Planning Limited
Premier Financial Management Limited
Prest Financial Services Ltd
Price Bailey Private Client LLP
Proact Financial previously trading as "Proact Collins Financial Management
Professional Assurance Services Limited
Professional Financial Centre (Cornwall) Limited
Professional Financial Consultants Limited
Professional Financial Management
Professional Financial Solutions Ltd
Professional Partners Limited
PWS Financial Consulting Limited
Quinn & Co Ltd
R K Shipman Limited
R W Harris Likmited (previously trading as Roger Harris & Co)
R J Hurst & Partners Ltd
R W Cockcroft & Co Limited
RBH Financial Management
Redwood Financial Management Limited
Reid, Scott & Ross Renfrew Ltd
Rensburg Investment Management Limited
RGT Financial Sergvices
Richard Bamber & Co Ltd
Richards Financial Limited
Right Advice Limited
Ritchie Salkeld & Co LLP
R K Shipman Limited
Robert Kenny Associates
Robert Magee & Asociates Limited
Robson Macintosh & Co Ltd
Rochdale Independent Financial Services Ltd
Rockwell Investment Managers Limited
Roger T Hulme Limited
Rosebank Financial Services
Rothera Dowson Solicitors Limited
Roxborough Financial Advice Centre
RPG Consulting Limited
RPG Financial Limited
Lemontree Wealth Limited previously names RSM Tenon Financial Management Ltd
RTP Independent Financial Services Ltd
Russell Westgate Securities Limited
Russell Nash Consultants Limited
S Mitchell & Son (Financial Services) Ltd
Sage Financial Services Limited
Sanlam private Wealth UK Limited
Select Financial Management Limited
Select Financial Solutions North East LLP
Self Invested Portfolios limited
Sesame Limited
SG Wealth Management Limited
Shah Insurance Services
Sica Investment Services Limited
Simpson Wood (Financial Services) Ltd
Smart & Cook Financial Services Limited
Southam Financial Services Limited
Sovereign Financial Services Chesham
Spring Hill Asset Management Ltd
St David Partnership Limited
St Thomas Financial Services Ltd
Stan Gaskin Limited
Sterling Investment Services (UK) Limited
Sterling Truest Professional Limited
Stratton Annette's Limited
Surrey Independent Advisers Ltd
Swallow Financial Planning LLP
Target Financial Management Limited
Temple Financial Planning
Tenetconnect Services Limited
TenetConnect Limited
Tenon Financial Services
Tetbury Financial Services Limited
T G Webster (Insurance Services) Limited
The Chester Partnership Limited
The Dorchester Finance
The Ethical Investment Co-Operative Limited
The Falcon Group plc
The Financial Clinic Ltd
The Financial Practice
The Kotecha Sach Partnership (t/a Positive Solutions (Financial Services) Limited
The Marshall Partnership
The Medical partnership LLP
The Mortgage Market (Cardiff) Limited
The On-Line Partnership Limited
The Whitechurch Network Ltd
The Woodham Partnership Limited
TheWright Financial Consultancy
Thinc Goup Limited
Thoma Hall Partnership LLP
Thompson & Richardson (Financial Services) Lincoln Ltd
Thomson Wilson Pattinson financial Services Limited
Thorn Financial Manaement Limited
Throgmorton Corporate Services Limited
Throgmorton Financial Services Limited
Tilney Investment Management previously trading as The Pensions Partnership
Tom French & Associates Limited
Torquil Clark Limited
Towergate Financial (West) Limited
Towergate Financial (North) Limited
Town & Country Private Finance Limited
Trafalgar Wealth Management Ltd
Trinity Financial Services (North East) Limied
Trustee Asset Management Limited
TTR Barnes Financial Services Limited
Tudor Insurance Bureau (Life & Pensions) Ltd
Val Greaves
Vale Insurance Services Limited
Veritas in Partnership Financial Services Limited
Vintage Investment Services
W R Financial Management Limited
Walker Crips Asset Managers Limited
Walmsley Baker Financial Services Limited
Walter Wright Financial Services Limited
Ward Consultancy plc
Wealth & Trustee Management Ltd
Wealth & Trustee Management Ltd
Wealthmasters Financial Management
Wellserve Financial Limited
Westpoint Financial Consultants Ltd
Westcott Financial Services Limited
Westside Financial Services LLP
Westward Financial Management Limited
White Knight Group Limited
Wingham Wyatt Financial Services Ltd
Wye Valley Financial Services Ltd
Wyre Investment and Financial Management
Wade Financial Services Limited
Widelist Investments
Wilfred T Fry (PFP) Ltd
WK Financial Management
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| Comment | Revealed: The full list of Keydata advisers facing FSCS legal action |
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heart in hand
How many advisers scrolled down this list with heart in hand?
Posted by: Bob Riach Riach Independent Financial Advisers
Guilty
What next on here - listing all the individual clients too? Will I be able to claim for defamation if my 1 sale is found to have been appropriate to my client?
Posted by: Innocent until ...
sheepdipping
I am sure that the vast majority of advisors acted in good faith, as a memeber of Sesame and someone who did not recommend Keydata, I hope that any compensation will be spread amongst the unfortunate ones and not the innocent advisors, where were the FSA?
Posted by: Brian
From the Ed
This article makes no assumption of guilt on the part of any of the firms listed. At least one business on this list claims it never sold a single Keydata plan, and there are clearly questions which Herbert Smith (the lawyers acting for the FSCS) will have to answer. We urge others who believe they have been unfairly contacted by Herbert Smith to contact us. The article is based on a public document obtained by IFAonline.
Posted by: Editor
Interesting list
Whats the deal if your firm name is on the list but the adviser placed the investments under a previous agency?
Posted by: E.Scott
Strange and odd
Aside from the matter of what may well be a breach of the data Protection Act, I wonder if any of the listed advisers – who may turn out not to be culpable, have a case against Herbert Smith, the FSCS or the FSA for defamation (or whatever the correct legal point may be). After all their names have been published and therefore, by implication, besmirched and no doubt many of them are perfectly respectable, honourable and compliant firms who have spent years building a reputation, only to have it tarnished by this action. No doubt other legal vultures will be floating around seeing if they can feast on any carcass. This of course highlights other points. Is redress being sought for the total paid out by the FSCS? If so it would seem that many firms will go under. (So much for employment and the wider economy). As I have understood it this is not a matter of PII as cover is not there, as no client has complained. (Are they asking for advisers to solicit complaints?) Either way PII won’t cover, but I assume that those affected have a duty to advise their PII insurers. In which case premiums will undoubtedly rise even if cover is not available. Impost number 2. If firms want to engage legal advice or protection then they will need some pretty heavy hitters – and we all know how much they will cost. For what chance of success? Impost 3. Furthermore I understand that there has been a request from Herbert Smith for a delay. Why is this? Why not ‘get your ducks in a row’ and then issue papers? This has the look of a Star Chamber – guilty until proven innocent. I wonder if ‘Human Rights’ have been violated? As I said yesterday it all looks totally odd and a real first class mess. What on earth are they up to?
Posted by: Felix Godwyn
Flawed list
This list needs several ammendments and clear clarification of the issues. I noticed our name on the list. However we have not recommended any of the 'guilty products to our clients. I have however transferred agencies of clients who previously took out these plans with previous adviser firms. Equally this is the first time I have seen our company name associated with this mess and have never recieved any correspondance from Herbert Smith. The impact of such poorly evidenced research and articles could have devastating effect. Before publication of any list everyone should verify whether all those associated with the list are guilty as it appears.
Posted by: Martin Hood
Capricious Bureaucracy
Shock. Horror. Kangaroo Court names lambs for slaughter.
Posted by: Steven Farrall
Ketdata
Two comments. firstly, sheepdipping who is a Sesame member but has not sold a Keydata product. I am exactly the same and hope that any costs that Sesame incur will not be clawed back from all the memebers. With regard to the comment from Martin Hood, this shows why IFA firms are worth virtually nothing. If you buy a client bank or even take over a client, you don't know what is going to jump out and bite you in years to come, and we all know that the regulators, FSCS etc will always come down on the side of the poor old investor!
Posted by: David Haig
Free Speech
I can't be the only person who sees the irony of this list being printed in the same week the press has been dragged through the mud about their practices? These are simply firms who gave advice on Keydata products. Yet, by association, they are considered guilty. This website will be around for years to come, long after some of these firms have been found to be innocent. Freedom of the press? What was that Kate McCann said about lies being told about her daughter's disappearance, existing on websites around the world even now? I completely agree with Felix, shame on you IFAonline
Posted by: Dermot Brannigan
FSCS
I would have thought that a site that must recieve the bulk of its income because of its use by IFA's, would have checked the accuracy of this list before publication. As an IFA, I am sick of being the whipping boy of the whole financial industry and the publication of this list, for whatever motive, does not help.
Posted by: Bob
Defamation
Given that 'performance ' is not a recompensable matter. I thought compensation was only due when a firm was found guilty of misselling. If any of the firms listed here have not been found guilty of misselling then those parties who have defamed them by publishing this list better have their own PII in place!
Posted by: Green Eyed Monster
Re Ed
You are trying to have it both ways. Posting this as an 'exclusive' and then saying it's a public document. My firm's rebuttal is now with my solicitors should Herbert Smith pursue us - even that isn't clear - at the moment this appears though be a massive fishing exercise / smear. I will be unsubscribing from IFAonline in due course but not just yet as this story has a bit to run I fear. I get the same stories 3x anyway from the competitor newswires.
Posted by: Innocent until
First Stones etc
Well well. I'm glad some of the press crazy guys are on this list. Maybe next time they think about being opportunistic and berating all other advisers on things such as Arch Cru so embarrassingly publicly, they might hold back and learn some humility. Just a thought you guys, there are plenty of good IFAs out there. Just because we don't want to see our smug faces splashed over every industry mag telling anyone who'll listen the right way to do things doesn't make you superior. In fact, I'd say the opposite.
Posted by: Stu
Who needs a union?
Well there you go. While I am unsurprised to see some of the names in that list I am amused to see one or two yet shocked to see one particular name. Assuming claims were paid out on a basis other than negligence the FSCS case has no merit, but what do I know?
Posted by: Evan Owen
disgraceful
This list should be remove disgraceful of the media
Posted by: Bob Riach Riach Independent Financial Advisers
Disgrace
Would IFA Online like to publish the document that they say is in the public domain, when as far as I am aware it was sent to named firms only and the covering letter grandly proclaims that "information... should not be disclosed to any person or used other than for the purposes of these proceedings". This also means that Smith has breahced the Data Protection Act in disclosing to each and every firm the names of other firms, along with ALL the investors involved.
Posted by: Andyman
Looking forward to next list
Welldone,Laura. When can we expect the Keydata non SLS list?
Posted by: Broke and Hungry
Gutter Press
I look forward to being called to give evidence to The Leveson Inquiry to explain how IFA Online published malicious, defamatory allegations to obtain 'an exclusive' at the cost of numerous people's businesses. Sleep well journo's! I prefer North Korea's idea of a free press.
Posted by: Joe Bloggs
ALL JOURNALISTS ARE HACKS
WELL Done LAURA MILLER. I Hope you have a good weekend and I hope the leveson inquiry sees ALL journalists regulated out of business. Name the source who gave you this list. That way we can sue both of you at the same time.
Posted by: HACKED OFF
Big mistake, huge
You have made a big mistake, big mistake. Huge!
Posted by: Ken Durkin
Advice
Here's some financial advice to IFA Online. Get this lot removed before Monday morning...
Posted by: Ken Durkin
Change of mind
Having thought more about it, I think you should remove this before the end of the week,AND, publish an apology.
Posted by: Ken Durkin
Ed edited
An early comment on here was IFA Online's Editor posting a defence about publishing this list saying it's a public document... Hence the comment I made about having it both ways claiming an exclusive but then saying it was a public document. Is it my eyes or has the Editors defence/comment been removed now??? Why is that then?
Posted by: whats going on
Commission
How much commission did these IFA's make and how much due diligence did theft do for it?
Posted by: CHRIS shaw
A world class regulator
If, as Herbert Smith claims, all of these firms were incompetent and negligent What is the point of having a regulator that has cost billions over the last 20 years? Common sense will tell you that this is a very wide claim by a lawyer who has not even seen the files for many of these cases. The FSA messed up over key data and now the fscs is trying to save their face. those advisers patting themselves on the back for never selling a KD product should be aware that if Herbert Smith gets his way, PI insurance in the future will not be worth having, as it will cover very little.
Posted by: lol
Proverbial will now hit the fan
Re-read post from Felix Godwyn 25 Nov 2011 | 11:25
Posted by: Phil Castle
If you're not on the list, you're still coming in
I am not on the list because I have no clients with SLS Keydata plans. I did advise clients in 2007 to invest in Lifemark Keydata plans as I had waited until there was a reasonable period for mud to appear and for FSA to look in to these plans before evening thinking about using them. Unfortunatalye for me and my clients, as we all now know, the FSA with their access to the back room we mere mortal IFAs can only dream of didn't maker ANY of their concerns public, but like to be abale to say "I told you so" afterwards. Well I could write a report saying I told you so too, but I don't claim average salaries in excess of what advisers get. Anyway, based on this fact, the list of 500 user firms for Keydata Life Settlement Plans looks set to be even longer if you add the Lifemark backed plans. So let's get to a figure of say 700 firms perhaps. Multiply that by the average number of advisers per firm, shall we say 5 and that gives 3,500 affected advisers (not that all of them will have used these plans). How many of these firms will survive this all out assault on the truth. How many of these intended to stay post RDR? Shall we say 10%? Still leaves over 3,000 advisers who might be added as potential leavers on top of the FSA and Martin Bamford's previous figures for 10-40% leaving the industry. At what point does the decimation (I don't know what you call more than 10%, so I'll stick with decimation for now) result in a loss of critical mass for IFAs? The Roman's decimated troops to stop them running away again after battles. A really horrendous thing to do. Whe n you think the enemey is actually the financial establishment, decimation could prove a weapon which will be turned against you. To Hector Sants, I would remind you of your own words "Be afraid, be VERY afraid".
Posted by: Nameless
Do the maths
I am not on the list because I have no clients with SLS Keydata plans. I did advise clients in 2007 to invest in Lifemark Keydata plans as I had waited until there was a reasonable period for mud to appear and for FSA to look in to these plans before even thinking about using them. Unfortunataly for me and my clients, as we all now know, the FSA with their access to the back room we mere mortal IFAs can only dream of didn't make ANY of their concerns public, but like to be abale to say "I told you so" afterwards. Well I could write a report saying I told you so too, but I don't claim average salaries in excess of what advisers get. Anyway, based on this fact, the list of 500 user firms for Keydata Life Settlement Plans looks set to be even longer if you add the Lifemark backed plans. So let's get to a figure of say 700 firms perhaps. Multiply that by the average number of advisers per firm, shall we say 5 and that gives 3,500 affected advisers (not that all of them will have used these plans). How many of these firms will survive this all out assault on the truth. How many of these intended to stay past RDR? Shall we say 10%? Still leaves over 3,000 advisers who might be added as potential leavers on top of the FSA and Martin Bamford's previous figures for 10-40% leaving the industry. At what point does the decimation (I don't know what you call more than 10%, so I'll stick with decimation for now) result in a loss of critical mass for IFAs? The Roman's decimated troops to stop them running away again after battles. A really horrendous thing to do. When you think the enemey is actually the financial establishment, decimation could prove a weapon which will be turned against you. To Hector Sants, I would remind you of your own words "Be afraid, be VERY afraid".
Posted by: She who must be obeyed
Public Document my foot
Contrary to the EDs comment, this is NOT a public document.If he wishes to leave another comment disputing that FACT, I am sure we would all like to hear it. More likely the IFA who claims his name should not be on the list gave it to IFA online. In which case they are both in big trouble.
Posted by: ICO Complainant
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Full list of Key Data
I am probably going to be told I am nieve, but I do not believe all these organisations were negligent and left themselves open to compensation claims. It does not matter how much research and due diligence is done some things happen that there is no control over. What about all the banks who got in a mess, if the taxpayers did not bail them out they would have been in exactly the same situation.
Posted by: terry