Keydata IFAs pay out £52m after FSCS litigation

Total Keydata recoveries have reached £122m, according to the latest figures from the Financial Services Compensation Scheme (FSCS).

The FSCS said that, after deducting costs, the current recovery total stands at £102m. Some £52m of that comes as a result of litigation against IFAs. FSCS chief executive Mark Neale said: "We have a duty to pursue recoveries where it is cost effective to do so. We take that duty very seriously. “It benefits the industry by returning money to the firms that pay our levies. So I am happy to confirm that our work in this area delivers results. “We have achieved £122m in recoveries so far. That figure dwarfs the overall costs of achieving them. In fact it does so by a margin of more t...