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Advisers pressing PwC for update on Keydata payments

Advisers are urging administrator PricewaterhouseCoopers to provide information on delays to income payments due to investors with Keydata plans invested with Lifemark.

On December 23, PwC said Lifemark was paying inc- ome about four weeks later than usual. It said: “Keydata Investment Services is passing on income as and when received and is pressing Lifemark for further information on when normal payments may resume.”

In November, the Luxemburg regulator appointed KPMG as a provisional administrator of Lifemark for three months, not on the basis of insolvency but as an oversight appointment for “auditing, initiative and investigation.”

It is understood that Key- data founder Stewart Ford set up Lifemark with other business associates and he remains a shareholder.

In December, PwC partner and joint administrator Dan Schwarzmann said issues with KIS Lifemark products in which £349m is invested are not holding up the sale of Keydata’s third-party business.

He said: “Lifemark were having some cash issues while they sold some policies which is why there was a slight drying up of income to investors but they have assured a number of parties that is just temporary and it will be catered for. I am not aware of them being in default on any payments.” Schwarzmann was unavailable to provide a further update.

AWD Chase de Vere senior manager Jason Walker says: “If there are short-term liquidity issues or if there has not been a default on payments, then at least let clients know so they can plan as a lot are relying on this income.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. D G Ollerenshaw 7th January 2010 at 5:10 pm

    My wife and I both have Keydata SIP9 investments for which the December income has not yet been paid and is now a month overdue. January income is due tomorrow and we rely on this income to meet our monthly outgoings especially in the winter months when fuel bills are high. Since Keydata went into administration, we have not received a single communication from PWC and have to rely on the Internet (particularly the Keydata Victims site) for our information.

  2. Colin Schofield 7th January 2010 at 6:04 pm

    I have sent three emails to PWC without any reply. I’ve also sent an email to the FSA, again without reply. My Keydata SIP is due for its annual payment in March so like your first readers’ comment, I’m concerned for my income. Inability to pay regular due payments means only one thing – Lifemark are in trouble and therefore Keydata investors are in trouble. I also suspect that if Keydata goes into full default then the FSCS will try and say these Lifemark products are not covered by the scheme. I put all 25% cash sum from my pension in Keydata and if I lose it I will be in serious financial trouble. PWC have singularly failed to act in the best interests of Keydata investors and I’ve lost all confidence in them as administators.

  3. I ALSO HAVE HAD NO REPLIES FROM PWC ALSO FSCA DID REPLY BY TELLING ME TO TAKE IT UP WITH KEYDATA WHO THEN TELL YOU TO TAKE IT UP WITH PWC!!!!!! WE HAVE HAD 1 PAYMENT SINCE OCTOBER ON OUR SIP PLAN
    I SEEM TO RECALL FSCS SAYING THEY WOULD BE CONTACTING SIP INVESTERS BY THE END OF 2009 WHAT HAPPENED TO THAT COMMUNICATION I WONDER IF IT WAS NOT FOR KEYDATA VICTIMS SITE WE WOULD BE COMPLETELY IN THE DARK

  4. Like many others I invested in a SIP with Keydata via an IFA. Last payment was Sept 09 with no further income payments since. PWC do not respond to e-mails and their communication to the Key Data victims is very poor. Like most victims, the victim web-site is the main source of information. Given PWC are charging almost £1 million a month for their service you would have thought they would have made more progress. However with that type of revenue stream maybe the longer this goes on the better for some parties!!.

  5. Carrie Sutcliffe 11th January 2010 at 3:15 pm

    I invested most of my late husband’s life insurance in Keydata and the monthly payments are about 75% of what my children and I have to live off. These payments are currently running about 6 weeks late – I have yet to have my December payment and January’s is now also ovedue. PWC really needs to provide more information, as when payments are so haphazard you worry constantly that the lump sum isn’t secure in spite of reassurances that Lifemark is not insolvent.

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