8th March 2012

Compliancy Services: FSA staff face investigation ban

Employees of the Financial Services Authority (FSA) could face being excluded from an investigation after they improperly obtained a firm's emails, it has been reported.

Founder of Keydata Investment Services, Stewart Ford, has called for FSA staff to be banned from the probe after they saw privileged attorney-client emails, Bloomberg revealed.

In 2009, the watchdog requested a court to put the company into administration amid concerns it was targeting investors with misleading advertisements and for tax irregularities.

However, last October the regulator lost a ruling over the emails and Ford’s lawyers have suggested communications with other agencies regarding the material should also be handed over.

Agencies included in the investigation are the Serious Fraud Office, the Luxembourg regulator and the financial watchdog for the Cayman Islands.

Bloomberg quoted lawyer Hodge Malek as saying:

“We want to know who at the FSA has seen the material. We say those people should be taken off the case.”

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