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.”