On the precipice

By THIS IS MONEY
Updated:

 

I contacted KPMG as administrators of the David Aaron Partnership to complain about being mis-sold a 'precipice bond'. They replied but I have not heard anything for several months. Have there been any further developments? What should I do next? VL, Lancashire

Angelique Ruzicka of This Is Money replies: KPMG says it deals only with the administration of applicants and that it has done all it can to assist in this process before handing over claimants' applications to the Financial Services Compensation Scheme (FSCS).

Essentially, KPMG is waiting for the next step, which is for the FSCS to establsh whether it can declare the David Aaron Partnership 'in default'. This means they have to figure out whether the company is unable or unlikely to pay for all the claims that have been made.

If it can't, then the FSCS will declare it in default and pay out compensation of up to £48,000 to claimants on a case by case basis. The FSCS was unable to say how long the process would take.

In the meantime, KPMG says it is happy to deal with any further queries you may have.

Write to KPMG at 8 Salisbury Square, London, EC4Y 8BB or call Ros Kitley on 020 7311 1000.

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