Keydata Investment Services payments update
4th December 2013
We have been calculating the balancing payments due to claimants who suffered losses in Lifemark investments, following our news update on 23 October 2013. It has taken a bit longer than we expected as we’ve had to further reconcile nominal claim amounts with Keydata’s insolvency practitioner, PricewaterhouseCoopers. The nominal claim amounts were the total amount of funds originally invested into the Lifemark bonds.
We are pleased to announce that we will make most of these payments in the week beginning 9 December. There are some cases, however, where payments aren't possible, because further work needs to be done to settle the nominal claim amounts. We’re working to resolve these issues and will post an update when we can distribute the remaining payments.
As our last update stated, future distributions from Lifemark’s Trustee must be calculated using the method the court specifies. The Trustee has recently made an additional distribution. Due to the court’s calculation method, the distribution amount due to individual bondholders will vary depending on which Lifemark bond(s) they invested in.
Claimants usually submitted their claim to FSCS under a single claim reference, even when they made several Lifemark investments. In these cases, we have processed the claims and calculated the overall losses under a single claim reference. We need to review the information again before we can calculate the amounts we can pay to claimants with Lifemark losses. We aim to give you another update in the New Year.