Keydata scandal causes compensation claims to soar

so what has happened with SLS Capital. SA, where is my money and why don't I have any answer as to what is happening. Information is Silch!!!!

Perhaps if the FSA were even vaguely competent and had stopped the directors of Key Data making fraudulent claims regarding the involvement of HSBC and KPMG in the valuation and security of their bonds when they (the FSA ) had been told by the very same organisations of this fraudulent marketing, then perhaps the FSCS wouldn't now be inundated with claims.

The moral of this story appears to be that the words "FSA regulated" mean

" The cost of this product has been increased by the need to pay a bunch of brain dead box tickers to tick their boxes but do not confuse the passage of this product through that process with anything that might imply the exercise of judgement about the underlying accuracy or honesty of anything you have relied on to make your investment decision "'

Caveat, Don't try complaining they will not deal with your complaint until they have finished their investigation. In 2001 other providers complained of Keydata's style of misleading marketing. In 2005 KPMG & CRT complained.How many years does it take? I will be 6 foot under before they are done. It will be Equitable Life with knobs on.

The statistics published here could explain why about 80% of we Keydata Victims(the £350M, 24,000 additional Lifemark ones that is) will not be likely to have our claims considered for a good while yet. Nothing to do with the rights and wrongs of the matter - it's just a bit embarrasing to have to explain a 1000% rise in claims.

By the way the majority of the Keydata "claims processed" so far are utterly irrelevant - they are associated with lost tax benefits due to ISA screw-ups by Keydata. But there will be no need for FSCS to pay out anything at all in any of these cases (15,000, I think) because there will be NO capital gains and NO income to be taxed and therefore no compensation for lost ISA benefits will be paid. A bit of nonsense.

But what we are really worried about is that we may also have lost our savings completely. This has been going on now for 13 months. Will someone pease get their finger out and SORT THIS MESS OUT.