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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.

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