Andrew Swallow, an IFA with clients affected by the Keydata debacle, is calling on other advisers linked to its International Traded Life Policy fund to unite with him to force more information from the administrators.
Swallow is in contact with two of the other seven IFAs, including himself, who together have clients' money totalling £6m invested in the Keydata International Traded Life Policy fund.
But he is reaching out to the remaining four advisers to contact him, so together they can unite affected shareholders in action group to try and find out what has happened to the money invested.
Swallow, an IFA for 25 years, says he is helping people where he can.
He is currently petitioning Blue Sea International, the fund's administrator, to release the names of the four advisers.
"Unfortunately no-one is telling us anything.
"The Cayman Islands financial services authority[where the fund is based] will not take our calls, and the KeyData International fund managers are refusing to come forward with any information about money invested," says the partner at Swallow Financial.
Investors fear the fund bought over £2.5m of worthless assets from SLS Capital, the vehicle at the centre of the scandal surrounding the company, according to reports this week.
The Keydata International fund was supposed to buy second-hand Lifemark life settlement units from Keydata customers cashing in their investments. It was promoted as an offshoot of KeyData UK and had the same directors with staff working from the UK offices.
Stephen Carr, a private investor in Keydata International, says: "Blue Sea has confirmed they were getting no response from the directors of the fund. They also confirmed these funds are heavily contaminated with SLS bonds which are there on the instruction of the fund's directors, and they are trying to get these bonds taken out of the fund.
"The SLS contamination of the fund is between 60% and 70%. They have also recently sold some Lifemark funds which are between 20% and 30% off. Although not exactly a fund valuation, we can now hazard a guess at the value of the fund."
The £6m Keydata International fund was set up in April 2009 by Stewart Ford and Mark Owen, despite Keydata International directors knowing of a problem with SLS Capital since October 2008, when it stopped making income payments to Keydata UK products.
Carr adds: "I agree it is now time to stop being passive about this. We need to contact as many holders of the fund and IFAs who have sold the fund as soon possible and discuss the way forward."
Victims of the Keydata debacle have formed an internet support group here.
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