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MPs hold FSA talks over Keydata payouts
16 September 2010
Four MPs from Norfolk have pledged to get justice for investors with money caught up in failed investment firm Keydata. Norman Lamb, Chloe Smith, Elizabeth Truss and George Freeman yesterday met with representatives of the FSA to quiz the regulator on its role in the Keydata collapse. The group of MPs grilled Hector Sants about what officials at FSA knew and what the FSA did within its powers to protect investors. About 3,100 people put money in Lifemark-backed Keydata products on the advice of the Norwich and Peterborough Building Society (N&P) IFAs, and they fear their savings are lost after Keydata went into administration last year. Smith, Norwich North MP, says: "What has become clear is that we need a regulating body that works fast and has real teeth. "FSA acted within the powers given to them, but regulation needs to move on. This is a good example of where people would like regulation to move forward and to move powerfully and quickly." Lamb, North Norfolk MP, says MPs have a responsibility to put pressure on regulators for the public. "Our job is to keep the pressure up on all the regulatory bodies and to reach a conclusion and give people peace of mind, this will be causing anxiety for many people, and to get justice for the people in Norfolk affected." The MPs also pledged to put continued pressure on the Serious Fraud Office, which is investigating Keydata. Keydata customers are waiting for an announcement from the Financial Services Compensation Scheme (FSCS) later this month over whether they will be reimbursed for their losses. Published by IFAOnline
