Three men are facing fines of nearly £80m from the City regulator for misleading investors into buying so-called "death bonds", linked to life insurance policies.

One of them - Stewart Ford - has been given a fine of £75m, the largest such penalty ever imposed on an individual. The Financial Conduct Authority (FCA) said the way the bonds were sold - by a company called Keydata - was "unclear, incorrect and misleading". Some 37,000 people bought the bonds. Mr Ford has pledged to fight the ruling in the High Court, and said he would file a claim for damages. Investors, who bought the investments between 2005 and 2009, were incorrectly told that they were eligible for Isas. Between them, those investors lost at least £330m, the value of the bonds involved. They are currently being refunded by the Financial Services Compensation Scheme (FSCS). By buying the bonds, purchasers were investing in second-hand life insurance policies, which would pay out when the original owner died. The policies were originally sold by citizens in the United States, who are allowed to cash them in. But the FCA said the bonds were not suitable for ordinary private investors, because of the risk involved......Read more here