Keydata Investment Services Limited (in administration) - Investor section

This section provides general information for investors.  If you hold either a Lifemark or an SLS product, please also visit the dedicated sections of the website:

FSA update dated 2 June 2011

The FSA posted an update to their website on 26 May 2011. You can access this update by using the link on the "External information sources", "FSA - Frequently Asked Questions" section of the website.

Liquidators of SLS dated 1 June 2011

The liquidators of SLS, Baden and Baden, posted an update to their website on 2 March 2011. You can access this update by using the link on the "External information sources", "Liquidator of SLS" section of the website.

Extension of the appointment of KPMG, represented by Eric Collard, as provisional administrator to Lifemark S.A. dated 13 May 2011

Please view this link for information in relation to the extension of the appointment of KPMG, represented by Eric Collard, as provisional administrator to Lifemark.

Specimen ISA reinvestment letter for Lifemark S.A. and Hometrak S.A. investors dated 13 May 2011

All Lifemark and Hometrak ISA investors will shortly receive a letter containing an ISA reinvestment certificate.  A specimen letter is available to view here.

The Administrators strongly encourage investors to ensure their ISA reinvestment certificate is retained.

Reinvestment of funds invested in Lifemark and Hometrak through an ISA dated 11 May 2011

HMRC have announced that the government proposes to change the ISA rules to allow Keydata ISA investors who invested in products backed by Lifemark S.A. and Hometrak S.A. to put the amount of capital originally invested in these products back into a stocks and shares ISA and thus regain their ISA tax exemptions. In addition, the proposal will allow ISA investors holding products backed by SLS Capital S.A., Lifemark S.A. and Hometrak S.A. via an ISA manager other than Keydata to benefit in the same way.

Keydata will sending out letters containing the certificates to allow investors to reinvest, where Keydata was the ISA manager, within the next six weeks.

Further details can be obtained from the HMRC website:

http://www.hmrc.gov.uk/isa/bulletin32.pdf

Keydata investors who invested through N&P to receive extra payments dated 27 April 2011

On 21 April 2011, the FSCS and Norwich and Peterborough Building Society (N&P) finalised an agreement confirming that the FSCS will receive approximately £28m. This amount is for compensation the FSCS has already paid to N&P Keydata customers.

This arrangement will facilitate certain ex gratia payments to be made directly to those customers of N&P who invested in Keydata life settlement products. This arrangement is part of N&P’s agreement voluntarily to make ex gratia payments available to all customers who purchased these Keydata products through the firm. N&P will calculate the payments in line with the general approach of the Financial Ombudsman Service in determining Keydata complaints, but the £100,000 cap will not apply.

For further details please see the attached

http://www.fscs.org.uk/industry/news/2011/april/keydata-claimants-who-invested-cwcn7fqe/

http://www.nandp.co.uk/plan-and-invest/independent-financial-advice/keydata/fscs-agreement

FSCS warns people to watch out for bogus callers dated 9 March 2011

The Administrators have been notified that some Keydata investors have received bogus calls, purporting to be from the FSCS and requesting bank details from investors.  The FSCS has issued a statement in response to this which can be viewed here.

Recent developments relating to Lifemark dated 16 February 2011

Please view the latest notice posted by Lifemark informing bondholders that the appointment of KPMG as provisional administrator, represented by Mr Eric Collard, has been extended for a period of 3 months.

Update on Hometrak S.A. products dated 13 January 2011

We have recently received further information in relation to the Bank’s foreclosure over Royal Summit, Orlando, one of the US apartment complexes underlying the Income Property Bonds.  We are advised that, at the date of foreclose of the Bank’s mortgage over this complex, the Bank’s indebtedness was some $8.5 million and following the sale of the complex the Bank incurred a loss in excess of $6million. 

Accordingly, investors will receive no return from this particular apartment complex.

Financial Services Compensation Scheme's announcement dated 22 October 2010

The FSCS has requested for all investors who have been sent a claim form to submit it to the FSCS as soon as possible so the FSCS is able to assess each investor's eligibility for compensation.  Please view the full announcement from the FSCS.

Norwich & Peterborough Building Society (“N&P”) announces loan facility in favour of Lifemark to fund premium payments and other operating expenses

N&P together with CarVal Investors Limited, announced on 20 October 2010 that they are to provide Lifemark with a loan facility to enable Lifemark to pay the premiums due on its US traded life insurance policies and certain other trading expenses.  N&P will make available an uncommitted loan facility up to a maximum of £1,5 million to support Lifemark at an interest rate which reflects the risk profile of the loan.  

It is hoped this funding will preserve the value of Lifemark’s assets for investors in the medium term and will provide Lifemark with more time to implement a restructuring plan.

Transfer of Plan Manager of Incapital Europe Limited products (previously Blue Sky Asset Management Limited “Blue Sky”) from Keydata Investment Services Limited (in Administration) to Reyker Securities plc (“Reyker”)

As of 14 October 2010, the administration of Blue Sky products previously handled by Keydata has been transferred to Reyker.

From this date, Reyker will be the new Plan Manager and will assume responsibility for the processing of income payments, surrenders and maturities for investors.

Investors affected by this transfer will receive notification from Reyker with their valuation statements, which will be dispatched during October.  Click here for a list of Plans transferred.

Investors in Blue Sky Plans can contact Reyker directly by telephone on 020 7499 9097 or by e-mail at safe@reyker.co.uk.  Reyker's website can also be visited at www.reyker.co.uk.

Latest Q&A for Investors from the FSA

Please follow the link to the FSA website to view a list of questions and answers relevant for all investors and IFAs.  

Investors’ tax certificates - year to 5 April 2010

Keydata are currently arranging for tax certificates to be sent to investors to assist in the preparation of tax returns. These are due to be sent to:

  1. All direct investors (i.e. investors who did not invest in an ISA) who received income in the tax year, in the following products:
    1. All Keydata plans backed by blue chip financial institutions
    2. All Hometrak or Lifemark backed plans (i.e categories 1 to 5)
  2. Investors in ISAs which were subsequently discovered to be non ISA-eligible, ie Category 2 products, where income was paid in the tax year.  Where we are aware that investors have agreed with the FSCS that compensation may be paid directly to HMRC in relation to post-administration tax, there is no need for investors to declare this income on their tax return, and accordingly Keydata will not be sending tax certificates. If we are not aware of the agreement, investors will receive a certificate detailing income paid on the Category 2 investment from the date of administration up to 5 April 2010. HMRC is not seeking tax from investors in relation to income from Category 2 products paid prior to the date of administration.


The following provides an overall summary of the position on plans other than those backed by Lifemark or SLS:

Keydata plans backed by Blue chip financial institutions
PwC has recently announced the sale of Keydata’s structured product book to Merchant Capital Limited (“Merchant Capital”), which is responsible for the processing of income payments, surrenders and maturities from 1 May 2010 onwards.  All investors affected by this transfer should now have received notification from Merchant Capital. For a list of products transferred, please see our announcement below dated 27 April 2010, under 'Investor Information'. If you believe you fall into this category and have not received any correspondence, please contact Merchant Capital directly by telephone on 0207 322 2205, by email or visit the website.

For further information, or to view the letter sent to affected investors, please visit Merchant Capital’s website at www.merchant-capital.com.

3rd Party products
The management of the majority of these products has been transferred to other organisations, and income payments, maturities and surrenders have continued as normal. The administration is not currently affecting these plans. We will update this website should any communication become necessary.

Hometrak (Category 4)
Following the appointment of Receivers over the US properties, the position remains that, as at this point in time, it is highly probable that investors will not receive any return on, or return of, equity. The update issued by the FSCS on 21 May 2010 stated that it is still considering whether these products may give rise to ‘compensatable’ claims, and will provide a further update on Category Four funds as soon as it is able to do so. Should the administrators receive any further information, we will update the website.

 

If you would like to view the original product brochures for your investment, please follow the link below. If the brochure for the Keydata product you have invested in does not appear, you should contact your IFA directly to request a copy.

Original product brochures


Product listings

Investor information

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