View more on these topics

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.


Focus on FSA rules is risk for ad campaigns

Commercial law firm Beachcroft says a focus by compliance officers on approving financial advertising campaigns by reference only to the FSA handbook means “devastating risks” are being overlooked.

Blue Sky says investors are safe from Keydata losses

Blue Sky Asset Management, the structured investment provider, announced today it does not believe investors in its plans would incur any losses following the Financial Services Authoritys move to put Keydata Investment Services (KIS) into administration.In a statement Blue Sky said while all of its plans are administered through KIS the assets of its clients […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm