A Keydata investor is lodging a complaint against Reyker Securities following a delay of over one month to pay £27,000 due under a matured plan.
Douglas Bruce, a former deputy head of finance for the Bank for International Settlements, invested in a Keydata Dynamic Growth Plan before the role of plan manager passed to Merchant Capital in April 2010 following Keydata’s administration. Reyker then took over as custodian following the collapse of Merchant Capital in January.
Ahead of his maturity date on 2 May, Bruce contacted Reyker on 30 April to enquire about the redemption process, and again on 3 May. He was advised Reyker was awaiting funds from the counterparty.
After chasing payment, Bruce was told to fax his bank details to Reyker, which he says were faxed and posted on 14 May. A maturity instructions form then arrived on 16 May, which was sent back the same day.
On 30 May, Reyker told Bruce none of these documents had been received. As Money Marketing went to press, Bruce was still waiting for the funds to clear.
Bruce says: “There seem to be a number of procedures that have either gone wrong or are loaded against private investors, not least the maturity instructions form not being sent in advance.”
Reyker declined to comment.