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Keydata victims ask: who is Stewart Ford?
by Iain Martin on Jul 15, 2010 at 10:21
Keydata founder Stewart Ford has been an elusive figure since the collapse of his company and little is known about his journey to become a multi-millionaire tax exile.
As the Keydata debacle slowly unravels, investors fear for their life savings and the regulatory scrutiny surrounding the firm intensifies, a number of questions remain unanswered, including: who is Stewart Ford?
Multi-millionaire Keydata Investment Services founder Ford has been vilified for deals with controversial businessman David Elias, his tax exile status and tangle of offshore companies, and most of all for his refusal to accept any blame for the collapse of his company.
Ford used the lessons he learned growing up in an Edinburgh children’s home to build Keydata into a business worth more than £60 million, which was put into administration by the Financial Services Authority almost overnight in June 2009 over a potential
£5 million tax bill.
From orphanage to entrepreneur
At the age of 17, Ford left the children’s home where he had spent seven years. He went on to work as a printer, publisher and financial services entrepreneur. ‘I’m not a guy from a well-to-do background…I have had to fight for everything I have,’ Ford said through his spokesman, Jack Irvine of Media House International. ‘I could not rely on people, so had to do my own thing.’
He said he was forced into his first entrepreneurial endeavour by the children’s home, which charged him £26 in rent when his first wage was £23. ‘I quickly had to develop an entrepreneurial spirit and sold sandwiches where I worked,’ he said.
Keydata’s beginnings
At the age of 20, Ford moved to London to study printing before returning to Edinburgh where he established his own business. His printing business gave him a way into finance, working with investment managers Schroders in 1997. He produced CDs containing fund and commission information for financial advisers and through that the Keydata publishing company was born. Keydata signed up other investment houses and was soon distributing its data discs to around 25,000 financial advisers.
Ford then realised that Keydata could distribute its own products off the back of its relationship with advisers. ‘We had the original fund supermarket. The only thing we could not do was execute trades,’ he said.
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10 comments so far. Why not have your say?
Julian Stevens
Jul 15, 2010 at 12:52
And of what use is the FSA in preventing collapses such as this?
report thisStephen Cooper
Jul 15, 2010 at 13:33
If he had any honour he would repay the £38 million in fees taken from these investments and give it back to the investors, instead of spending some of it on employing a 'media spokesman'.
Yet another Financial Services chief who was only looking to line his own pockets and as Julian says, where were the FSA when this all started?
My heart bleeds for him (not).
report thisAnonymous 2 needed this 'off the record'
Jul 15, 2010 at 15:05
I know stewart ford as well, and i think when the real story about what happened here comes out, you'll find that he has given the 38 million back and more....
report thischay
Jul 15, 2010 at 17:34
At last the other side of the story is coming to light. Stewart Ford obviously cannot speak for himself because of legal reasons, so he has had to hire others to do so for him. That is right and proper.
From a tough beginning to a wealthy entrepeneur? That takes quite a bit of determination, skill. knowledge and busines acumen, not to mention leadership. Stack that up against the manipulative inept FSA and I am beginning to believe that there must be some truth in what he says. Also, are these particular skills not exactly what this country needs at the present time? If it transpires that he is upheld in his side of the story, has the FSA once more been instrumental in destroying a sound business for reasons they are extremely unwilling to put into the public domain. Plus deliberately denigrating a prospective business leader.
I have discovered one or two other interesting facts in my attempt to come to reasonable conclusions about this unfortunate business . Several people I have talked to, that worked with and for Mr Ford, have assured me that he is an honest and decent person to have as a boss. They were all extremely loyal, and, every one of them condemmed the FSA. I was also told that due to the FSA's interventions about 160 people they know and worked with have lost their jobs. This figure might not be totally accurate, but even one person put in this position is one too much.
report thisPeter Hilton
Jul 15, 2010 at 18:44
Keydata Victims Ask - Who is "Chay"?
We don't know - but since the appointment of spinners and rotweilers MediaHouse he has popped up regularly, using a Hotmail account, to support his chum Stewart Ford - that well known philanthropist, all round good egg, purveyor of sandwiches and "Secure" Income Plans and custodian of 30,000 UK pensioner's savings. (Where did all our money go, exactly?)
Chay's offerings sometimes try to be reasoned and persuasive (if a bit unbelievable), and sometimes they are brutal, insulting and threatening. (descriptions which Media House men, I am told, would be very proud to have attached to them)
Like this recent one in response to my previous little jokey comments about the Great Man:
PETER
Once more relatively intelligent discussion has been dragged down to the level of pantomime. Everyone that answers you cannot be a 'baddy". Remember what a great poet once said: "There's so much good in the worst of us, and so much bad in the best of us. It ill behoves any of us to talk about the rest of us".
Just because we are all behind you don't get paranoid. Just remember Peter:
WE ARE BEHIND YOU!
I think that looks a little bit threatening, don't you, dear reader?
report thisAnonymous 4 needed this 'off the record'
Jul 15, 2010 at 23:19
Peter the Stirrer
Peter Hilton you are so predictable..... Stop creating a drama and add something constructive to this discussion! You clearly have way too much time on your hands!!!!!
report thisPeter Hilton
Jul 16, 2010 at 10:07
Hmm. MediaHouse need a bit of IT support it seems - the exclamation mark on one of their keyboards keeps getting stuck down!!!!!!!!
The sticky stuff could be caused by tears for the sad fate of the ex-Keydata Supremo. Crocodile tears, perhaps?
They really are not very good at this are they?
report thischay
Jul 16, 2010 at 11:27
Ah! Peter. Sarcasm is the lowest form of wit.Try to direct your vitriol at the right people. As for threatening, well it is sad that you feel that, I assure you it was never meant to be so. As for being Stewart Ford's "pal", that I am not, and I wouldn't know Media House if it was at the end of my street.
All I want to read in these columns is a fair degree of common sense and eventually a logical, honest, unbiased conclusion. It certainly looks like Iain Martin is beginning to see the wood through the trees. As a former Daily Mail guy I think this latest piece is more like reporting. I have said it before, both sides of the story please! With luck you will get that scoop.
As for your own "little jokey comments" Peter, if you cannot take it, don't dish it out. But do keep your sense of humour.
report thisMichelle McGagh (Citywire)
Jul 16, 2010 at 14:31
Dear readers,
We appreciate your comments but would urge you not to make libellous statements on the Citywire website. Any comments deemed libellous will be removed.
Kind regards,
Michelle
report thisHarry K
Jul 24, 2010 at 17:18
Michelle
That statement says a lot more than you may have thought. It says that we all have to fear those with the biggest wallets. You can slag off who you like, just don't do it to those who can afford legions of PR luvvies and Rottweiler lawyers.
As to those criticising Peter Hilton - he is not creating a drama - that was created by Key Data. Clients invested with Key Data, Key Data has gone bosom up and clients have lost money. What is being done to compensate them?
THAT is the issue, the rest is just flummery.
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