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PwC preliminary view: Keydata assets safe

PricewaterhouseCoopers says that its preliminary view of Keydata assets is that customers’ funds have been held in secure custody accounts.

The joint administrator says it has only had access to information on Keydata on Sunday evening and say it hopes to confirm that customers’ funds and assets are secure as soon as possible.

PricewaterhouseCoopers partner Dan Schwarzmann reiterated that since the firm’s appointment on Monday the priority has been to assess the security of the money invested by Keydata’s customers’ and to understand the nature of the assets in which the money has been invested.

The joint administrator has confirmed that there are a number of Keydata products which may not comply with Isa regulations.

Schwarzmann says: “The products we are currently aware of that fall into this category are Secure Income Bonds (SIB) issued 1- 3 and Defined Income Plans (DIPs) 1-8. Tax liabilities arising due to the non-compliance issues associated with these products is one of the factors which has led to the application by the FSA for the appointment of administrators.

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