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Former UK Keydata bosses lose fight against fines, ban

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Former UK Keydata bosses lose fight against fines, ban

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LONDON (Reuters) - The former head of the now defunct investment products company Keydata has lost a battle against the British markets regulator over a record fine and a ban from performing any role in regulated financial services.

The Financial Conduct Authority (FCA) said on Tuesday that a court had upheld its decision to fine and ban Stewart Ford and Mark Owen, the former chief executive and sales director respectively of Keydata Investment Services Ltd.

The Tribunal directed the FCA to fine Ford a record 76 million pounds and Owen 3.24 million pounds after Keydata sold complex structured products backed by life settlements based on misleading brochures and without properly assessing whether the products could meet their promises, the FCA said.

(Reporting by Kirstin Ridley, editing by Huw Jones)

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