BusinessBusiness RecoveryPwC spots more non-compliant Keydata products

PwC spots more non-compliant Keydata products

PwC finds more potential Keydata products that are non-compliant with regulations, but a sale of the business as a going concern is expected soon

Administrators for Keydata Investment Services have found more products that
could fail to meet ISA rgulations.

The total list of products which may be impacted is: Secure Income bonds
(SIB) issues 1 – 3, Secure Income Plan (SIP) issues 1-12 and 14 and Defined
Income Plans (DIP) issues 1 – 8.

‘We do not expect any further products to be added to this list,’ said PwC
partner and joint administrator Dan Schwarzmann.

He is ‘hopeful’ of a sale of the business as a going concern by the end of
next week, with 30 expressions of interest for the business.

‘This will bring some much needed certainty to the thousands of investors,
IFAs, staff of the company and other impacted stakeholders,’ he added.

Keydata was placed in administration after it was found it ran investment
products non-compliant with regulations, in turn leaving it with a £5m tax
liability.

Further reading:

PwC handling multiple bids for
Keydata

PwC administrators appointed to
Keydata Investment Services

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