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Special report: Inside Britain's deathbonds scandal

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Pensioners Tony and Pam Tobin pose at their home in Pagham near Bognor Regis in southern England August 19, 2010. REUTERS/Luke MacGregor

Pensioners Tony and Pam Tobin pose at their home in Pagham near Bognor Regis in southern England August 19, 2010. REUTERS/Luke MacGregor

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Keydata founder Stewart Ford poses in an undated photo in London. A scandal involving Keydata is the worst to hit Britain's personal investment industry in two decades. It has sucked investors into a bitter battle involving Ford, the FSA, Britain's Serious Fraud Office, administrators, auditors, independent financial advisers and opportunist hedge funds sniffing around the vestiges of the remaining assets and throws a spotlight on...more

Keydata founder Stewart Ford poses in an undated photo in London. A scandal involving Keydata is the worst to hit Britain's personal investment industry in two decades. It has sucked investors into a bitter battle involving Ford, the FSA, Britain's Serious Fraud Office, administrators, auditors, independent financial advisers and opportunist hedge funds sniffing around the vestiges of the remaining assets and throws a spotlight on the way in which attempts to regulate financial firms can compound rather than solve the problems -- and on what responsibilities regulators have to investors they are supposed to be protecting. REUTERS/Justin Thomas/VisualMedia/Handout

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A couple passes a building where Keydata Investment Services Limited (in administration) formerly held offices in Reading, Britain, September 20, 2010. REUTERS/Chris Helgren

A couple passes a building where Keydata Investment Services Limited (in administration) formerly held offices in Reading, Britain, September 20, 2010. REUTERS/Chris Helgren

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Keydata founder Stewart Ford poses in an undated photo in London. A scandal involving Keydata is the worst to hit Britain's personal investment industry in two decades. It has sucked investors into a bitter battle involving Ford, the FSA, Britain's Serious Fraud Office, administrators, auditors, independent financial advisers and opportunist hedge funds sniffing around the vestiges of the remaining assets and throws a spotlight on...more

Keydata founder Stewart Ford poses in an undated photo in London. A scandal involving Keydata is the worst to hit Britain's personal investment industry in two decades. It has sucked investors into a bitter battle involving Ford, the FSA, Britain's Serious Fraud Office, administrators, auditors, independent financial advisers and opportunist hedge funds sniffing around the vestiges of the remaining assets and throws a spotlight on the way in which attempts to regulate financial firms can compound rather than solve the problems -- and on what responsibilities regulators have to investors they are supposed to be protecting. REUTERS/Justin Thomas/VisualMedia/Handout

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A building where Keydata Investment Services Limited (in administration) currently holds an office is seen in Reading, Britain, September 20, 2010. REUTERS/Chris Helgren

A building where Keydata Investment Services Limited (in administration) currently holds an office is seen in Reading, Britain, September 20, 2010. REUTERS/Chris Helgren

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A building where Keydata Investment Services Limited (in administration) currently holds an office is seen in Reading, Britain, September 20, 2010. REUTERS/Chris Helgren

A building where Keydata Investment Services Limited (in administration) currently holds an office is seen in Reading, Britain, September 20, 2010. REUTERS/Chris Helgren

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