Investors in the Keydata extra income plan 8 are still awaiting maturity payments despite the product’s brochure stating proceeds would be received on May 28.
The closing level of the index for the plan was May 21, implying that money should have reached clients’ accounts long before Keydata was placed into administration on June 8.
Clients are also continuing to suffer delays to income payments despite reassurances from administrator PricewaterhouseCoopers that they were being processed.
PwC could not give an indication of when investors may receive their maturity payments. A spokeswoman for PwC says: “Unfortunately, those payments have been delayed by the administration process despite the fact that the plan matured before the insolvency. We are getting to the bottom of why.”
Baronworth Investment Services director Colin Jackson says: “It is not good enough. It is totally down to the administrators to sort this out and I would have thought that one of their priorities would be to look after people who are waiting on their money, particularly because a lot of them are quite elderly.”