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PwC says some Keydata clients were not properly invested

A few hundred Keydata clients have not been properly invested in their plans due to administrative errors, according to PricewaterhouseCoopers.

At today’s Keydata creditors’ meeting, administrator PwC announced it had discovered in recent days that a few hundred investors have either been invested in the wrong plan or their money has not been properly allocated.

PwC has emphasised that only a small group of investors are affected out of tens of thousands in total and says it will contact those clients and their IFAs who are affected directly over the next few weeks.

A PwC spokewoman says: “It would appear that there are a small number of investors that were not invested correctly.

“Some were not invested at all or some were not invested to the amount they should have been. It would appear that this is down to administrative errors. It would also appear that this has been known for a while but Keydata did not advise the investors that was the case and continued to treat them as normal and filled any gaps with their own funds.”

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