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PwC says more Keydata products may not comply with Isa regulations

PricewaterhouseCoopers has revealed that there are more Keydata products which may not comply with Isa regualtions.

The administrator says that the products now impacted are the secure income bond issues 1-3, secure income plans issues 1-12 and 14 and defined income plans issues 1-8.

Initially the administrator was only aware of regualtion problems surrouding the secure income bonds issued 1- 3 and defined income plans 1-8.

PwC joint administrator and partner Dan Schwarzmann says the firm does not expect any further products to be added to the list.

Schwarzmann also acknowledged that since PwC’s appointment, the firm has had over 30 expressions of interest for Keydata and hopes to complete a sale of the business by the end of next week.

He says: “This will bring some much needed certainty to the thousands of investors, IFAs, staff of the company and other impacted stakeholders. In addition, as of tomorrow, we are recommencing processing as far as is practicable within the confines of the administration.”


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