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Ford claims PwC has conflicts over Keydata

Keydata founder Stewart Ford has accused Pricewaterhouse Coopers of conflicts of interest in its handling of the structured product firm.

On Tuesday, Ford sent an open letter to administrator Dan Schwarzmann claiming PwC has conflicts of interest over Keydata and called for a public res-ponse from PwC.

PwC says: “The Serious Fraud Office is investigating certain activities of Keydata as well as the control and ownership of Lifemark. Keydata and Mr Ford are also under investigation by the FSA and the FSCS has been investigating whether Keydata has a liability to investors for their losses.

“We do not wish to say anything which could prejudice these investigations and Mr Ford would be aware of this.”

On Monday, the Treasury insisted it will not bail out Keydata Lifemark savers, despite new calls from IFA Geoff Hartnell and MP Zac Goldsmith.
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Comments

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

  1. I have read the allegations made by Mr Ford and feel that the victims ( who the FSA seem to have forgotten in all this) deserve an explanation, unless of course there is some truth in all this and it is a Soviet style cover-up.The SFO are hardly rushing to get their enquiry done and does the fact that anyone who is under investigation is now exempt from asking searching questions?

  2. I am far from an admirer of Mr Ford; however on this occasion I think he may well have a point. These big for accountancy practices are riddled with conflicts of interest and indeed a recent report has said as much. The consultancy arms are very often in conflict with the accountancy practices. It is about time that the rules prevented an accountancy firm from having a consultancy arm at all. These should be entirely separate entities, with different management, names and registrations. (We all remember Arthur Andersen the rump of that once large accountancy firm is a management consultancy called Accenture – funny that they never seem to be used, nor are Bain or McKinsey – all pre-eminent consultants – I wonder why not?) While we are at it is also high time that (let alone in these times of austerity) all Government Departments, Quangos and public bodies have to justify to the NAO for each and every use of outside consultants. What the hell are they up to if they have to employ outsiders to do their job? If a business needs management consultants one must really wonder what they are paying exsiting management for. Quite obviously they can’t be up to the job if these outsiders are considered necessary

  3. I betPWC etc dont want to say anything that could “prejudice the investigation”, because if this Ford character is right in what he claims , PWC and the FSA are looking like they have a hell of a lot to answer for , and it will most probably be answered in the dock.

  4. Roddi Vaughan-Thomas 24th September 2010 at 8:53 am

    I wonder whether Stewart Ford feels he has a conflict of interest about giving back the £38 million of undeclared 10% upfront charges that he took from Lifemark? The product brochure told investors categorically that they would recieve 100% allocation not 90% erm….. TCF anyone? Ford’s rationals was that IFAs get paid commission so why shouldn’t he?

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