Stewart Ford, founder and chief executive of Keydata Investment Services, has been slapped a record fine of £75 million by the FCA, while Mark Owen, the company’s former sales director, racked up £4 million in penalties, and Peter Johnson, former compliance officer, will have to pay up £200,000 for their roles in selling “death bonds,” which cost investors millions amid the collapse of the firm.
Death bonds are high-risk trade investments and are created from an underlying pool of assets, where the individual risks associated with one policy are evenly dispersed, making it a stable investment. These bonds are dependent on the death of an insurance holder.
