In an online update on June 18, PwC said the processing of income on Keydata Investment Services’ products remains suspended while the administrators continue their examination of KIS operations and consider a sale of the business. It said: “The processing of income has resumed for products where KIS is purely administering the contract on behalf of a third party.” This week, PwC said it is working to get everything moving again but there would be “a bit of a delay” in processing payments and it is not clear for how long.
Lowes Financial Management managing director Ian Lowes says he was told investors waiting for income on the Keydata extra income plan 21 were not “a priority”. He says: “They have put a hold on the process but have failed to communicate this properly. Elderly people who are reliant on that income are left in the dark.
“It is not fair of them to say plans ‘remain suspended’ when they have failed to communicate that to clients and IFAs.”
AWD Chase de Vere senior manager Jason Walker says: “I was previously given reassurance from PwC and Keydata that payments should have resumed by last week. They have not communicated very well.”
A PwC spokeswoman comments: “The sale is important because that will give some real security and finality but keeping the business running is equally as important.”