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 fi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
