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Govt Whip calls for Keydata crisis talks on FSA role
12 August 2010
Government Whip and MP for Norwich North Chloe Smith is calling for an official meeting with Hector Sants on the FSA's role in Keydata's collapse. The Conservative minister wants to meet Hector Sants in Westminster to grill him on what the FSA has done to date within its powers to help investors who have lost money in the Keydata debacle. She will ask Sants to tell her exactly what the FSA knew about the investment firm's collapse and when - questions investors have been putting to the regulator for months without answer. David Cameron's minister also wants to know what the FSA is doing to identify, and plug, any gaps which may exist for the better protection of consumers, "in this case or other such cases". She and other Norfolk MPs have already met Mark Neale, chief executive of the Financial Services Compensation Scheme (FSCS), to seek information and assurances relating to the compensation scheme. Norman Lamb, Liberal Democrat MP for North Norfolk, has also contacted the FSA about the issue. Smith says: "Many people in Norwich are extremely concerned about their savings through Keydata. "I accept that due process should be followed to resolve the question of compensation. "However, many concerns remain about the FSA's role in the saga." Published by IFAonline
