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Keydata creditors committee to include John Joseph

PricewaterhouseCoopers has appointed John Joseph as one of its five-strong Keydata creditors committee.

Joseph will be joined by the likes of the HM Revenue & Customs, Credit Suisse and fellow independent financial adviser Geoff Hartnell.

Peter MaGowan – founder of the Keydata Victims Support Group- completes the committee.

PwC partner and joint administrator Dan Schwarzmann says: “I am grateful to the members of the Creditors Committee for putting themselves forward and I look forward to discussing some complex strategic issues with them. Furthermore, I will invite further parties to attend the meetings if I believe this would be beneficial to investors.”

Meanwhile, the Financial Services Compensation Scheme is currently reviewing whether Keydata can be found legally liable for investor losses following the problems highlighted by administrator PricewaterhouseCoopers.


The compensation scheme says it may take some time to complete the work but says that if there is any compensation to pay the firm will be ready to step in.

The FSCS also says that if it has to pay any compensation it will confirm Keydata to be “in default”.

In a statement the firm says: “If that happens, FSCS would assess any claim made by a Keydata customer on a case by case basis in accordance with the rules set for us by the FSA and in light of the available information.”

The FSCS says a further update will be made in September if not sooner.

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  1. Keydata Creditors Committee
    I am delighted that Peter Magowan has been appointed to the committee.
    As a fellow victim he fully understands the frustration felt by those defrauded by Keydata or others and missed by a sleeping FSA. Hopefully we will now see a better flow of information and an injection of pace.

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