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Keydata income cash is being processed

Administrator PricewaterhouseCoopers has confirmed that outstanding investor income payments relating to Lifemark have now been received by Keydata and are being processed.

Keydata investors hit out at PwC this month after ongoing income delays with plans invested with Lifemark in Luxemburg, where KPMG has been appointed provisional administrator.

Around £349m has been invested by clients in the KIS Lifemark products and it is understood the delay to payments related to significant death claims totalling around 5m. At the end of last week, PwC said outstanding monies up to and including January 18 have now been received by Keydata.

PwC director Nigel Rackham said: “We have processed significant volumes this week and hope to complete this early next week.”

Adviser firm Vintage Financial director Geoff Hartnell says: “It is going to take Keydata’s administration staff the best part of a week or so to reconcile those payments and pass them out to investors but I reckon within a week everybody that is owed money will have received it.

“That does not mean that everything is hunky-dory, we are still waiting for the results of the actuarial profile of the Lifemark funds which has not yet been completed.”

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