Stewart Ford

Stewart Ford
Born Stewart Owen Ford
1964 (age 51–52)
Residence Switzerland
Nationality British
Occupation Founder and CEO, Keydata
Net worth GBP £160million (September 2010)[1]

Stewart Owen Ford (born 1964) is a British businessman, the founder and chief executive (CEO) of the failed financial company Keydata. He was fined a record £75 million by the Financial Conduct Authority in May 2015.

Early life

Stewart Owen Ford was born in 1964.[2] When he was 10 years old, his alcoholic mother left him at an orphanage in Edinburgh "for a weekend that turned into seven years";[1] he lived there until he was 17.[3]

Career

Ford 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]

By 2010, prior to Keydata's collapse, he was living in Switzerland, and his net worth was estimated at £160 million.[1]

According to Richard Dyson from This is Money, the demise of Keydata in 2010 "almost certainly claimed the savings of more than 40,000 people".[1]

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 sufferered "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]

References

  1. 1 2 3 4 Dyson, Richard (5 September 2010). "Keydata boss speaks out: 'The FSA, with its armies of half baked lawyers, fresh out of college, was desperate to look tough and claim scalps'". Thisismoney. Retrieved 27 May 2015.
  2. ↑ "Stewart Owen Ford". Companycheck. Retrieved 27 May 2015.
  3. 1 2 Martin, Iain (15 July 2010). "Keydata victims ask: who is Stewart Ford?". CityWire. Retrieved 27 May 2015.
  4. ↑ Collinson, Patrick (26 May 2015). "Investment firm founder fined record £75m by FCA after Keydata collapse". The Guardian. Retrieved 27 May 2015.
  5. ↑ Spence, Peter (26 May 2015). "Former Keydata boss faces £75m fine from City watchdog for 'death bonds'". Daily Telegraph. Retrieved 5 July 2015.
  6. ↑ Mackie, Gareth (3 August 2014). "Entrepreneur seeks £370m in damages from FCA". The Scotsman. Retrieved 27 May 2015.
  7. ↑ Baxter, Dave (12 June 2015). "Upper Tribunal date set for Stewart Ford". FT adviser. Retrieved 5 July 2015.
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