Regulation  

Stewart Ford to file claim against FCA and PwC

Stewart Ford to file claim against FCA and PwC

Keydata founder Stewart Ford has revealed he will file a claim against the FCA and PricewaterhouseCoopers seeking £650m in damages.

Mr Ford said he would take the regulator and auditor PwC to court for their roles in the closure of Keydata.

His announcement comes as the FCA announced that it had decided to fine Mr Ford £75m for failing to act with integrity and misleading the then FSA in relation to the performance of investment products in his role at Keydata.

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In announcement he said: “The Financial Services Authority knowingly exceeded its statutory authority in order to bring down Keydata as a blatant attempt to prove it could be effective after its disastrous handling of bank regulation in the lead-up to the 2008/9 financial crisis.

“The FSA’s ill-judged and catastrophic interventions in respect of Keydata and Lifemark SA were the direct cause of over £350m of UK consumer detriment.

“The FSA was aided and abetted at every stage by PwC.”

The FSA was the financial services regulator in 2009 when Keydata was put into administration but was replaced by the FCA in 2013.