Keydata placed in administration by FSA - update
Keydata Investment Services Ltd has been placed into a speedy administration by the UK Financial Services Authority on the grounds that it is insolvent. All new business has been suspended and a temporary suspension of payments on policies has been imposed by FSA, with the company due to provide updates on its website.
Following an application to the Royal Courts of Justice by the UK Financial Services Authority (FSA), Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP (PWC) were appointed joint administrators after agreeing a voluntary arrangement with Keydata this morning only hours before the public statement was made by the FSA. The speed and the nature of the announcement by the FSA has caught most parties by surprise, notably the administrator which is asking callers on the phone number
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