Keydata founder Stewart Ford has accused administrators Dan Schwarzmann and Mark Batten from PwC of conflict of interest in dealing with the collapsed investment firm.
In a strongly worded letter to the Big Four accountacy company, Ford says PwC is conflicted because it also acts as auditor for SLS Capital and Lifemark, two companies which are debtors to Keydata.
The letter, titled "PwC's Seven Deadly Sins," calls on joint administrators Schwarzmann and Batten to publish a substantive response to Ford's accusations.
Keydata collapsed in June 2009 after it emerged hundreds of its Isa products may have been "illegal", resulting in the FSA application for an administration order on the firm.
IFAs and investors and their IFAs are still waiting to find out what has happened to £103m they invested in the business.
SLS Capital, a Luxembourg company which was controlled by David Elias, who died in mysterious circumstances last year, managed the policies for Keydata. SLS and Lifemark are now the subjects of a Serious Fraud Office investigation.
Ford, who is himself under investigation by the FSA and SFO for his actions at Keydata, refutes all allegations.
In his letter, he lists seven "grave concerns" regarding Schwarzmann and Batten and their alleged potential conflict of interests.
"PwC is hopelessly conflicted in purporting to have the best interests of investors at heart," the letter reads.
"Its conflicts of interest are manifold. Left unchecked, these conflicts pose a serious threat to the financial interests of the Lifemark and SLS Capital investors"
A FSCS decision is expected imminently on the fate of compensation claims for the 23,000 customers who invested £350m in Keydata plans backed by Lifemark bonds.
First reported by IFAonline's sister title Accountacy Age.
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