The UK regulator fined the former chief executive of the defunct Keydata Investment Services £75 million (R1.4 billion), in a massive penalty that outstrips some issued over the Libor (London interbank offered rate) scandal. The UK Financial Conduct Authority (FCA) issued the fine for mis-selling against Stewart Ford yesterday, along with a £4m levy for the company’s former sales director, Mark Owen, and a £200 000 sanction for ex-compliance officer Peter Johnson. All three have filed appeals. Keydata, an investment firm with £2.8bn under management, went into administration in 2009 and was dissolved last year. The FCA said Ford made £72.4m from sales of investment products.
Bloomberg