Keydata Update

22nd October 2010

FSCS encourages Keydata investors to complete and return application forms

This update is for customers of Keydata who hold investments backed by Lifemark SA.

The FSCS is working to quantify the losses suffered by Lifemark investors and to pay compensation as quickly as possible. With this in mind, we are encouraging all investors who have been sent an FSCS application form to complete it and return it to us as soon as possible so that we can determine whether or not their claim is eligible for compensation. This will enable us to start making compensation payments as soon as we are in a position to quantify investors’ losses.

In the meantime, we are continuing to investigate urgently the potential valuation of the bonds and how that should be taken into account when quantifying investors’ losses, in an effort to move the compensation process forward as quickly as we can.

We will provide full information about the calculation and payment of compensation as soon as we are able, and in any event will provide a further update in November.

More information

  • The FSCS published an update regarding Keydata on 28 September 2010, confirming that the FSCS expects to be able to accept claims relating to Keydata funds backed by Lifemark SA from eligible claimants.
  • The products affected by this announcement include the Defined Income Plan issues 1-8, the Income Plan issues 1-14, the Secure Income Bond issue 4 and the Secure Income Plan 1-14. Full details of all the affected products are available on the administrators’ website.
  • If you have any queries regarding Keydata you can contact our Customer Services Team on 0800 678 1100 or 020 7892 7300. You can also email us at enquiries@fscs.org.uk.
  • The FSCS has published some Questions and Answers about Lifemark SA which you may find helpful.
  • Please check the Administrators’ website for general information about their work, including details of the products in each of the five categories.
  • Further information about Keydata is available on the FSA's website.

Jargon Buster

  • Eligible

    qualifying for compensation under Scheme rules.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.