Exeter Fund Manager Ltd FAQs

1. I want to make a claim for compensation but haven't received an application form. What should I do?

Please read our factsheet. If you think you might have a claim we can help with, fill out the Initial Questionnaire and return it to us. We will send you an application form if we think your claim comes within our remit.

 

2. Can you help me to fill in the application form?

Yes. If you have any questions about the application form, or are unsure about what information you need to provide, please contact our customer services team. Their contact number is 020 7892 7300. You can also find out more about making a claim in the claims section.

 

3. How long will take to process my claim?

We have set up a dedicated team to handle splits claims and will deal with claims in the order we receive them. We will do our best to deal with claims quickly, and some claims may be resolved within weeks. However, we estimate that it will take up to nine months to complete all the claims against this firm. We will, of course, try to give priority to people facing financial hardship.

 

4. How many people might have a claim against EFML?

We believe that up to 35,000 people may have invested in the three main funds from EFML. Some, but probably not all, may have a claim. We cannot put a precise figure on how many will have a claim we can help with.

 

5. Why has FSCS only just declared EFML in default when the company went into administration in 2005?

FSCS can only step in to help consumers if it is clear that a company cannot pay claims against it. The issues surrounding splits are complex and the administrators have been gathering information about potential claims and the financial position of the company, which takes time. We have been working closely with the administrators to make sure that we align our work as much as possible with theirs, so that when we deal with claims the process is as smooth as possible for consumers.

 

6. How much compensation do you expect to pay out for splits?

It is too early to predict how much compensation we might pay out. That will depend on the volume and nature of the claims and uphold rates. FSCS can pay compensation only for financial loss.

 

7. Who funds the compensation payments you make?

FSCS is an independent body, set up under the Financial Services and Markets Act 2000. We are funded by levies on authorised firms. We expect to levy for splits during 2007/08 and will make an announcement when the funding requirements for these claims are clearer.