The KIS of life?
Keydata Investment Services was placed into a speedy administration by the UK's Financial Services Authority on June 8 on the grounds of insolvency. All new business was suspended and a temporary suspension of payments on policies was imposed by the UK regulator - but untangling the web left after KIS's demise is proving somewhat harder than expected. Richard Jory reports
Keydata Investment Services Ltd (KIS) will not be sold as a going concern due to irregularities uncovered by Pricewaterhouse Coopers (PwC), according to a statement made on June 30 by the insolvency administrator appointed by the courts on June 8 at the behest of the UK Financial Services Authority (FSA).
"As a result of these issues, we are unable to sell the whole business as a going concern," says PwC. "We will now be looking to sell the business that provides services in relation to third
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