Born to Tilly (née Katz; 1902–1977) and Philip Feldman, Basil was educated at the Grocers' School. Feldman is a former member of Lloyd's of London, and was the director of The Young Entrepreneurs Fund from 1985 to 1994. He has been described as a former plastic-toy magnate whose business interests reportedly included "Sindy dolls, aircraft kits and yo-yos". Feldman married his wife Gita Julius in 1952. His younger sister was Fenella Fielding, the actress. He has two sons and a daughter. One of his sons is Nick Feldman, bass guitarist of the band Wang Chung. Feldman is a member of the Garrick and Carlton Clubs.
Feldman was knighted in 1982. On 15 January 1996 he was made a life peer as Baron Feldman, of Frognal in the London Borough of Camden. His sponsors were Margaret Thatcher and Cecil Parkinson, and he was introduced to the House of Lords on 14 February 1996.[not in citation given]
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