Deloitte grilling Keydata victims by phone on literature claims
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Advisers have raised concerns about Deloitte calling Keydata clients on behalf of the Financial Services Compensation Scheme to verify information they supplied as part of their claims.
Last week, Deloitte wrote to clients with claims lodged with FSCS for non-Isa secure bonds 1-3 asking them to clarify how influential Keydata’s marketing literature representations about KPMG were in their investment decision.
Deloitte is now understood to be phoning clients who claimed that the mention of KPMG in the literature had influenced their investment decision and is asking whether their adviser steered them into giving this answer.
Keydata’s literature claimed that KPMG had constructed the financial models used to structure the bonds but, in a letter to a Keydata victim, KPMG has denied this.
Advisers are concerned that clients may be tripped up by the investigators.
Baronworth Investment Services director Colin Jackson says: “I cannot see the reasoning for this, either they are trying to help the investors, which I do not believe is the case, or they may be looking for an out.”
John Joseph Financial Services principal John Joseph says: “If a member of the public says they relied on KPMG as being part of the Keydata investment analyst team, then under no circumstances should Deloitte try to trip up any client.”
An FSCS spokeswoman says: “The FSCS has been working with Deloitte to process claims against Keydata as quickly as possible. We have recently written to some claimants asking them to further clarify the information they relied upon when making their investment decision, in order to determine whether or not their claim is eligible. We have checked and understand that Deloitte have not been telephoning investors to ask whether they were assisted in completing their application forms.”
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Readers' comments (2)
Les Morrell | 8 Apr 2010 9:02 am
There is no doubt in my mind that this is yet another deliberate ploy to trip up inexperienced investors in order to avoid not only the cost but the exposure of the abject failure of the regulatory authorities.
This is just another nasty smell arising out of Keydata- it will not be the last.
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Mister Maker | 8 Apr 2010 11:06 am
This seems to me to be a basic forensic investigation attempting to correctly apportion blame. Surely we should support any attempt to ensure that the correct parties are held to account for any mis-sale of a product?
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