Companies are lining up to buy Keydata Investment Services, after it was made insolvent by the Financial Services Authority due to a £5m tax liability caused by the sale of noncompliant Individual Savings Accounts.

Keydata, which has over £3bn in assets under management and specialises in selling structured products through a network of independent financial advisers, was put into administration by the FSA on Monday. Dan Schwarzmann and Mark Batten at PwC were named as administrators.