8th June 2009
Keydata Investment Services Limited (Keydata) has today (8 June 2009) been placed into administration on the grounds that it is insolvent. Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP have been appointed joint administrators.
The role of the FSCS
It is too early to say whether the FSCS will have a role to play in compensating customers of Keydata. The firm has not been declared in default by the FSCS. The FSCS is currently working with the FSA and the administrators to determine its involvement.
If it becomes clear that customers have suffered financial losses as a direct consequence of their dealings with the firm, and that Keydata is unable, or likely to be unable, to pay claims against it, the FSCS may be able to consider claims.
The Administrators' helpline and website
Further information about the administration of Keydata is available from PricewaterhouseCoopers on its dedicated website and via its helpline on 0844 391 3412.
The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services firms and may be able to help consumers if an authorised firm is unable to pay claims against it. The Scheme was set up under the terms of the Financial Services and Markets Act 2000 and protects deposits, insurance, investments and mortgage business.