Keydata founder Stewart Ford to sue City regulator for £370m
Stewart Ford, the founder of Keydata Investment Services which collapsed in 2009 after the City regulator said it was insolvent and had broken tax rules, is threatening to sue the Financial Conduct Authority (FCA) for £371m.
Ford wrote to the FCA last week, warning that he intended to begin legal action over the losses he suffered due to Keydata’s closure.
The FCA is currently considering whether to fine or ban Ford from working in financial services.
Keydata was a specialist investment firm that offered structured products. The Financial Services Authority, the pre-cursor to the FCA, began investigating the firm after it emerged £100m of its assets had been “misappropriated”.
“The FCA’s disciplinary proceedings against Mr Ford continue and under these circumstances, it is inappropriate to comment,” an FCA spokesperson said on Ford’s letter.