Pacific Continental Securities UK Ltd
last updated 28 August 2008
Pacific Continental Securities (UK) Limited went into administration on 20 June 2007 and was subsequently placed into liquidation on 21 March 2008. Stephen Cork and Joanne Milner of Smith & Williamson are liquidators of the firm.
FSCS's investigations into Pacific Continental Securities
FSCS is currently talking to the liquidators to determine our involvement in considering claims against Pacific Continental Securities.
FSCS may be able to help customers of the firm if it is unable to pay claims made against it (described by us as being "in default"). To date, Pacific Continental Securities has not been declared "in default". This means that FSCS is not currently able to pay compensation to people with claims against the firm.
Although it appears that the firm will not be able to pay all claims against it, we have not yet been able to determine the compensation which might be due to claimants. We need to be able to accurately calculate the amounts due to claimants from the firm before we can deal with individual claims.
We have been working with the liquidators to collect and examine the appropriate evidence and information needed to be able to calculate losses. This task has proved difficult because of incomplete client records retained by the firm and has been compounded by the complexities of some claims. FSCS is actively working to resolve these issues and be able to deal with claims accurately and fairly so that the firm can be declared "in default" as soon as possible.
We will provide updates on this website when further information is available.
Making a claim in the liquidation
If you believe that you may have a claim you should contact the liquidators to register your claim against the firm, at the address below:
Smith & Williamson
25 Moorgate
London
EC2R 6AY
Tel: 020 7131 4000
Further information about the liquidators' work is available on Pacific Continental Securities' website.
Making a claim to FSCS
FSCS is not yet inviting claims against Pacific Continental Securities.
Once a default declaration has been made, we will contact all known claimants who have registered a claim with the liquidators to ask whether they want to make a claim to FSCS. You will then be asked to complete an FSCS application form providing details of your claim and to send us supporting evidence, such as contract notes and statements sent to you by Pacific Continental Securities, which will be used by us to reconcile against the firm's records.
Financial Services Authority's warning about 'recovery room' firms
The Financial Services Authority (FSA), published a warning in August 2008 about 'recovery room' firms who have been contacting investors who bought shares through Pacific Continental Securities. The FSA warns you against paying money to such firms. Further details are available on the FSA's website.
About FSCS
The Financial Services Compensation Scheme (FSCS) is the
For claims relating to investment business, FSCS can pay up to £48,000 compensation to an individual. This is calculated as 100% of the first £30,000 and 90% of the next £20,000.
You do not need to claim through a solicitor, accountant or anyone else. Bringing a claim direct to FSCS will not cost you anything. If you do decide to instruct someone to act for you, we will not be able to pay their fees.
