The Upper Tribunal, the independent Court that hears
appeals from FCA decisions, last week upheld the
regulator's decision to fine Stewart Ford, the former CEO
of Keydata Investment Services Limited, a huge £76million
(the largest FCA fine on an individual) and ban him from
working in the financial services industry.
The Tribunal decided that the FCA had been correct to ban
and fine Mr Ford for a lack of integrity, and for failing to
deal with the regulator in an open way after he made false
statements during compelled interviews with the regulator.
The record fine results from allegations of active concealment
and lack of integrity.
Background
Keydata used its customers' money to invest in US senior
life settlement policies, through a Luxembourg-based company SLS
Capital SA and, subsequently, a company called Lifemark SA that was
set up in Ford's own name.
