Consequences of the cleanup


The UK Financial Services Authority (FSA) has been remarkably decisive of late. Its first stop was to place Keydata into bankruptcy due for reasons of malpractice. Sources suggest the UK plan manager had been warned about selling sophisticated life settlement products to retail investors. Unfortunately for Keydata, it made the FSA’s job fairly easy. Once the surface of its business was scratched, all sorts of wrongdoings were uncovered, revealing a fascinating sequence of malfeasance.


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