Stewart Owen Ford (born 1964) is a British businessman, the founder and chief executive (CEO) of the failed financial company Keydata Investment Services. He was fined a record £76 million by the Financial Conduct Authority in January 2019.[1]
Stewart Ford | |
|---|---|
| Born | Stewart Owen Ford 1964 (age 59–60) |
| Nationality | British |
| Occupation(s) | Founder and CEO, Keydata |
Early life
editStewart Owen Ford was born in 1964.[2] He lived in Edinburgh until he was 17.[3]
Career
editFord studied printing in London when he was 20. Afterwards, he went back to Edinburgh and started in business for himself. He had a career as a printer, publisher and then a financial services entrepreneur.[3]
On 26 May 2015, it was announced that Ford had been fined a record £75 million by the Financial Conduct Authority (FCA).[4] The FCA fine is in connection with the alleged mis-selling of £475 million of "death bonds", wrongly encouraging buyers to believe that they were entitled to tax-free ISAs.[5] Ford is counter-suing the FCA for £370 million, claiming that the closure of Keydata was "politically motivated", that the company was a "highly successful" one with nearly £3 billion of assets under management, and that his reputation had suffered "grievous and irreparable" harm.[6]
According to Ford, the one-day Upper Tribunal case management hearing for his challenge to the FCA's decision to fine him £75 million has been set for 23 September 2015.[7]
The decision of the Upper Tribunal was handed down on 6 November 2018 with Judge Berner finding for the Respondent (the FCA) and accepting their request to increase the fine to £76 million.[8]
References
edit- ^ "Final Notice 2019: Stewart Owen Ford" (PDF). 15 January 2019.
- ^ "Stewart Owen Ford". Companycheck. Retrieved 27 May 2015.
- ^ a b Martin, Iain (15 July 2010). "Keydata victims ask: who is Stewart Ford?". CityWire. Retrieved 27 May 2015.
- ^ Collinson, Patrick (26 May 2015). "Investment firm founder fined record £75m by FCA after Keydata collapse". The Guardian. Retrieved 27 May 2015.
- ^ Spence, Peter (26 May 2015). "Former Keydata boss faces £75m fine from City watchdog for 'death bonds'". Daily Telegraph. Retrieved 5 July 2015.
- ^ Mackie, Gareth (3 August 2014). "Entrepreneur seeks £370m in damages from FCA". The Scotsman. Retrieved 27 May 2015.
- ^ Baxter, Dave (12 June 2015). "Upper Tribunal date set for Stewart Ford". FT adviser. Retrieved 5 July 2015.
- ^ "Stewart Owen Ford and Mark John Owen v The Financial Conduct Authority: [2018] UKUT 0358 (TCC)". GOV.UK.