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Reyker delays £27k maturity payment to Keydata investor

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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.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Yes, Reyker – what a shambles.

    We have temporarily abandoned doing any business with them or, indeed, any provider who uses them as a custodian of assets because of the level of service received.

    You would think at the level of fees being charged that a service of some description would be received.

    You are not alone, Mr Bruce.

  2. My wife and I both had Keydata matured ISAs that ended up with Reyker. After months of unsatisfactory replies about possible reinvestment avenues,on 24th April we separately wrote asking for the accounts to be closed and cheques sent to us. We have heard … nothing at all.

  3. Frank and Lynda McCORMICK 24th July 2013 at 6:07 pm

    My wife and I held Keydata plans which matured in March 2013. We now have lodged a complaint with FOS. Time enough has passed for Reyker and the counterparty bank to have resolved this situation.

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