He says he has a "significant amount of money" caught up in Keydata, a company which was put into administration last month. (See article.)

Magowan is concerned about claims made in Keydata’s marketing literature and that the Financial Services Authority (FSA) does not appear to be taking steps to protect investors.

He said: "The role of SLS was not mentioned in the marketing material, the roles of HSBC, the fact these bonds have gone missing when large blue chip names are down as custodians, I think we’re just at the tip of the iceberg here.

"There isn’t much information coming to the consumer. The FSA have an opportunity to stand up and be counted here and to reassure people in the way we’ve seen them act in things like Northern Rock but they’re not stepping into the breach at this stage and I would encourage them to do so.

"I have called the FSA and despite assurances that someone would call me back, they haven’t."

Magowan is particularly concerned that, in its initial communication to the market, the administrators PricewaterhouseCoopers said investor’s money was safe, but now Magowan claims these hopes have been dashed.

PwC had hoped to find a buyer for Keydata quickly, but the sale has been blighted by allegations of fraud and tax issues. (See related article.)

The next steps for the newly formed action group is to grow its membership and Magowan is looking to ascertain how many victims are interested in acting in concert to make their voices heard.

He added: "There are different agendas going on, but we want people to stand up for investors.

"If the FSA are prepared to do that, fantastic as is their role. If not, somebody will have to because there’s a vacuum from the necessary authorities."

"We want members to let their MPs know and look for an Early Day Motion and effectively act together to get our own independent legal advice eventually and see where that goes."

The action group can be found at www.keydatavictims.ning.com.