10th February 2012
The FSCS has sent compensation application forms to more than 4,000 private customers of MF Global UK Limited with individual accounts. This will allow them to make a claim for compensation.
The news follows the recent announcement by KPMG, the special administrators of MF Global UK Limited, that customers will start to receive dividend payments in relation to client money claims.
The FSCS continues to work with KPMG to obtain the required data relating to customers’ accounts, and is adopting a phased approach to mailing different categories of customer (such as individuals and trusts).
The Scheme will shortly start the next phase of its mailing programme. It will be sending application forms to joint account holders and private individuals who have not previously been contacted by FSCS by the end of this week. The FSCS expects to send application forms to corporate and trust account holders by the end of February.
When customers receive an application form they should complete it as fully as possible, and return it using the envelope provided with copies of any documentation if available. Customers with a private individual account with MF Global UK Limited, who have not yet received an FSCS application form should contact the FSCS Initial Contact Team.
Customers of MF Global UK Limited can expect to receive a letter from the special administrators by 31 March 2012 containing information about their account(s) with the firm. Customers should be aware that the FSCS cannot process claims until claimants have agreed their balances with the special administrators. After this, the special administrators will provide agreed balances to FSCS, to allow FSCS to make payments to eligible claimants.
The FSCS will continue to keep customers of MF Global UK Limited informed about its progress by providing a further update on its website when it is in a position to do so.
For investment claims, FSCS can pay up to £50,000 in compensation per person, and will take into account any dividend payments made by the special administrators to customers when making compensation payments.