PwC was appointed administrator of Keydata last June. In August, the Serious Fraud Office started investigating £100m of potentially missing assets invested via Keydata Investment Services.
Investors are experiencing ongoing delays with Keydata plans invested with Lifemark in Luxemburg, where KPMG has been appointed provisional administrator.
Carrie Sutcliffe, who is invested in the secure income and defined-income plans, says she got her monthly payment for November in early December and has had nothing since.
She says: “The frustrating thing is that we never get any news from PwC. No one has contacted me since all this broke in June, except for my IFA. The peace of mind of investors seems to be very low on PwC’s list of priorities.”
Sutcliffe has also criticised PwC over its costs. According to the six-monthly report to creditors, published last week, PwC has taken fees of £1.74m plus VAT at 15 per cent in relation to its accrued time costs, which totalled £4.68m.
Sutcliffe says: “I think it is obscene. Where is that money going to come from, given the financial position of Keydata?”
Doug Martin, who is invested in the secure investment plan 8, says he should be getting quarterly payments but has only had one payment since June.
Martin says PwC is unresponsive and investors are not being adequately informed of any progress.
He says: “According to the PwC report, there have been a lot of man-hours spent on this but there is a total lack of communication. We have had no feedback on the Lifemark administration being conducted by KPMG in Luxemburg.”
A PwC spokeswoman says: “The helpline has been informing people that there is a four-week delay on Lifemark payments, which has been exacerbated by the last few weeks of bad weather, leaving our processing staff unable to get into the office. In addition, they have notified callers that Lifemark have given us assurances that all income payments will be up to date by the end of January.
“Due to the complexity of this administration, there are still answers which we do not have but we have committed to upda-ting investors whenever we can.”