In a five day update to investors, PwC said on the basis of the information it had seen so far, customers’ funds have been held in secure custody accounts and are therefore secure.
PwC joint administrator and partner Dan Schwarzmann said processing had been recommenced in respect of certain products which are currently open for investment.
He said: “Indeed, over the last 24 hours we have invested over £30m on behalf of clients. We are currently prioritising payments in respect of redemptions and maturities.
“We have now received over 40 expression of interest in the business and we are confident it will be sold as a going concern next week. This sale should ensure income payments are processed as they were prior to administration.”
Further to earlier announcements regarding various Keydata investments which were sold as Isa ‘wrapped’, but which may not in fact be compliant with the relevant regulations, PwC says it is conscious of concerns which the investors may have.
It says: “The administrators are working to resolve the matter in accordance with the normal HMRC practice of seeking recovery of any tax liability from the Isa manager rather than from individual investors.”
According to PwC the total list of products which may not be Isa compliant is: Secure Income bonds (SIB) issues 1 – 3, Secure Income Plan (SIP) issues 1-12 and 14 and Defined Income Plans (DIP) issues 1 – 8.
The administrators understand that the value of these investments is around £250m and these issues impact around 30,000 investors.