View more on these topics

Delay over Keydata payments

Clients with Keydata plans are continuing to suffer delays getting income payments despite recent reassurances from administrator PricewaterhouseCoopers that payments are being processed.

PwC says it can still not give a clear timeframe for when clients will get income payments, two weeks after it said payments would be made net of tax for certain plans. A spokeswoman says: “There has been a delay in terms of processing income payments but people will be getting them net of tax. I can only apologise for the slight delay.”

On June 30, PwC said it had recommenced the processing of income on KIS products backed by blue-chip financial institutions but it would be deducting tax at source from all income generated pending tax clarification. On July 2, PwC said it hoped to make income payments later that week but said this could not be guaranteed.

On July 10, advisers were told that PwC should begin processing net payments this week after seeking clearances with HM Revenue & Customs on tax issues.



News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm