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FSA criticised over Keydata move.
The Financial Services Authority (FSA) has defended its decision to place Keydata Investment Services into administration.
As news emerged over #103m of missing assets in seven of Keydata's Secured Income Bond funds, the directors issued a statement claiming that the firm was "an innocent victim of fraud". The products invested in American life insurance contracts through SLS Capital, a Luxembourg- domiciled investment vehicle.
PricewaterhouseCoopers (PwC), Keydata's administrator, said SLS failed to pay income on the products since last October. After investigation it said in a statement that "information received over the weekend suggests that the assets have been liquidated and may have been misappropriated".
Investors remained unaware of the problems, however, as Keydata continued to make income payments on the products from its own corporate funds.
The news has led to criticism of the FSA's action in putting Keydata into administration if the firm was the victim of fraud. However, the regulator denies that it acted inappropriately saying its ...
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Source: HighBeam Research, FSA criticised over Keydata move.