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		<title>FSCS: Industry News</title>
		<link>http://www.fscs.org.uk/industry/news/</link>
		<language>en-us</language>
			<item>
				<title>Disclosure Requirements for Deposit Firms</title>
				<link>http://www.fscs.org.uk/industry/news/2010/january/disclosure-requirements-for-dep-ytu3vbfj/</link>
				<description><![CDATA[From 1 January 2010, new rules come into force as to how firms regulated by the FSA that accept deposits are required to inform their customers that their deposits are covered by the FSCS.
&nbsp;
EEA firms with branches in the UK that accept deposits will be required to inform their customers that their deposits are covered by their home state scheme.
&nbsp;
Any firm operating under more than one trading name must disclose, in any communication, the trading names under which it operates and explain the impact this has on any protected deposit holder&rsquo;s entitlement to compensation. These rules follow consultation by the FSA. In July 2009 the FSA published Policy Statement PS09/11 in response to the consultation. The Policy Statement followed the Consultation Paper CP09/3.
&nbsp;
The FSA&rsquo;s Policy Statement explains how and when the disclosure of this information should be made to customers. The FSA requires firms to disclose the FSCS protection to their customers every six months, or every twelve months if the communication is to a passbook account holder. This should be a written communication that is in keeping with normal contact made with the consumer. For example customers who receive paper statements should be advised on the statement.
&nbsp;
For those consumers who use internet banking, disclosure should be displayed prominently, for instance in the form of a pop up box.
&nbsp;
More information can be found on the FSA&rsquo;s website.
&nbsp;
Proposed wording for UK authorised firms
Proposed wording for topped-up EEA branches
Proposed wording for non-topped up EEA branches
&nbsp;
FSA Policy Statement PS09/11
FSA consultation paper CP09/03
FSA web update]]>
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				<pubDate>Fri, 01 Jan 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>NDF DRL Arc Update</title>
				<link>http://www.fscs.org.uk/industry/news/2010/august/ndf-drl-arc-update/</link>
				<description><![CDATA[Update for investors in Capital at Risk products
We are nearing the end of our investigations into how NDF Administration Limited (NDF), Defined Returns Limited (DRL) and Arc Capital and Income plc (Arc) promoted the five Capital at Risk funds (listed below). These investigations have been necessary for us to determine whether there are likely to be any bases on which we will be able to accept claims from investors.
This has been a lengthy and particularly complicated process involving an analysis of the information included in the fund brochures along with a review of other relevant company records.
We now expect to be able to confirm our position before the end of September, and thank investors for their continued patience.
For information, the investments defined as Capital at Risk products include:

    NDF - Fixed Income or Growth Plan February 2008
    NDF - Fixed Income Plan June 2008
    DRL - Kick Out Performance Plan Issue 1
    Arc - Fixed Income Plan 6
    Arc - Stepped Kick Out Plan 5 


If you have any other enquiries you can contact us by phone, in writing, or by email.]]>
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				<pubDate>Thu, 05 Aug 2010 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Whitechurch Investment Services Limited</title>
				<link>http://www.fscs.org.uk/industry/news/2005/january/whitechurch-investment-services-limited/</link>
				<description><![CDATA[The Financial Services Compensation Scheme (FSCS) has declared Whitechurch Investment Services Ltd in default, which means that FSCS is satisfied the firm is unable to pay claims against it. A declaration of default opens the way for consumers who have lost money as a result of dealings with this firm to make a claim for compensation to FSCS.
What to do if you have a claim:

    Please outline the details of your claim in writing to: 
    FSCS, 7th Floor, Lloyds Chambers, 1 Portsoken Street, London E1 8BN or contact us for advice. 
    &nbsp;
    You should also contact the liquidator to notify them that you may have a claim against this firm, if you have not already done so. They can be contacted at: 
    BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham, B3 3SD.

How long will claims take to process?
Please be assured that FSCS is dealing with all claims as quickly as it can. Once a firm has been declared in default we generally aim to complete claims within six months of receiving a completed application form. However, we have recently experienced a large increase in the number of claims coming to the Scheme, which means that claims may take longer than this. We are also reliant on third parties for information, which can also delay things.
Any questions?
If you have any queries about your claim please contact us. However, if you have already lodged your claim with us, we would ask you to please be patient. We will be in touch as soon as we can.
&nbsp;]]>
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				<pubDate>Wed, 19 Jan 2005 00:00:00 GMT</pubDate>
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			<item>
				<title>Blue Swan Insurance (Jersey) Limited</title>
				<link>http://www.fscs.org.uk/industry/news/2006/april/blue-swan-insurance-jersey-limited/</link>
				<description><![CDATA[On 6 February 2006, the Jersey Financial Services Commission issued a public statement to make it known that Blue Swan Insurance (Jersey) Limited was closed to new business on 21 November 2005 and that Blue Swan Insurance (Jersey) Limited is no longer authorised to write new policies of insurance or to renew any existing policies.
If you bought a policy with Blue Swan Insurance (Jersey) Limited after 21 November 2005, then you may not have valid insurance cover in place and you may need to arrange new cover immediately.
Blue Swan Insurance (Jersey) Limited is not authorised by the FSA, the UK's financial services regulator, to carry on insurance business in the UK. If you deal with a financial services firm that is not authorised by the FSA you do not:

    
    have the protection of the Financial Ombudsman Service (FOS), the independent service for resolving disputes between consumers and financial firms, or
    
    
    the Financial Services Compensation Scheme (FSCS) if the firm is unable to meet claims against it or honour its commitments to its customers (for example, if it is unable to provide insurance cover that you have paid for).
    

What you should do 
If you think you may have a claim for mis-selling, for example against an authorised insurance broker in the UK, you should first contact the firm that sold the insurance policy to you.
If you are not happy with how it deals with your complaint, and you have exhausted its complaints procedures, you can contact the Financial Ombudsman to see if it can help.
If the insurance broker that sold the insurance to you is unable to meet claims made against it, FSCS may be able to help you.
More information about FSCS]]>
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				<pubDate>Thu, 06 Apr 2006 00:00:00 GMT</pubDate>
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				<title>Monarch Insurance Services Limited</title>
				<link>http://www.fscs.org.uk/industry/news/2006/january/monarch-insurance-services-limited/</link>
				<description><![CDATA[The Financial Services Compensation Scheme (FSCS) has declared Monarch Insurance Services Limited in default, which means that FSCS is satisfied the firm is unable to pay claims against it. A declaration of default opens the way for consumers who have lost money as a result of dealings with this firm to make a claim for compensation to FSCS.
What you should do
The first thing you should do is contact the insurer named on any policy documents you may have, to confirm that insurance cover is in place.
If you believe that you do not have valid insurance cover for which premiums have been paid to Monarch Insurance Services Limited, you should contact our Customer Services Team.
The role of FSCS
The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services firms and may be able to help consumers if an authorised firm is unable to pay claims against it. The Scheme was set up under the terms of the Financial Services and Markets Act 2000 and protects deposits, insurance, investments and mortgage business.
We are an independent body and provide a free service to consumers.
More information about FSCS]]>
</description>
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				<pubDate>Wed, 18 Jan 2006 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Wills &amp; Co Stockbrokers Limited</title>
				<link>http://www.fscs.org.uk/industry/news/2010/july/wills-co-stockbrokers-limited/</link>
				<description><![CDATA[Customers of Wills &amp; Co Stockbrokers Limited (Wills &amp; Co) are a step closer to having their complaints against the firm considered by the FSCS.
The FSCS has declared Wills &amp; Co in default, which means it is satisfied that the firm is unable, or likely to be unable, to pay claims against it. The FSCS can now start considering claims for compensation against the firm.
We are now working with the firm&rsquo;s directors and the Financial Ombudsman Service (FOS)&nbsp;to ensure that all investment complaints that have been made against the firm are transferred to us, along with all relevant company records. Once we have received the complaint files and company records, we will send out application forms to these customers to enable them to apply for compensation.
If any customers of the firm have not yet submitted a complaint to the firm or to FOS and would like to make a claim, they should write to us with full details of why they believe they are owed money by the firm.
Customers of the firm that have already registered a complaint with the firm do not need to take any further action at this point. We will contact all registered claimants as soon as we are able to provide details of the claims process and an application form to complete. The claims procedure is designed to be as simple as possible so that applicants should not need legal or financial assistance when making a claim, and we do not charge consumers for using our service.
The FSCS have also issued a Press Release regarding Wills &amp; Co.
More information about Wills &amp; Co is available on the FSA&rsquo;s website.]]>
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				<pubDate>Thu, 01 July 2010 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Keydata Update</title>
				<link>http://www.fscs.org.uk/industry/news/2010/august/keydata-update/</link>
				<description><![CDATA[Claims relating to Keydata investments backed by Lifemark SA &ndash; no decision taken. &nbsp;
Following recent reports, the Financial Services Compensation Scheme said today it has not yet concluded its investigations into the potential liability of Keydata for investments backed by Lifemark SA. No decision has yet been made and it is premature to say the Scheme will not compensate consumers until these investigations are completed.
The FSCS expects to confirm its position during September for those who hold investments backed by Lifemark SA. We will do all we can to provide certainty around the position of the FSCS as soon as we can.
More information&nbsp;

    Previous FSCS Keydata update.&nbsp;
    If you have any queries regarding Keydata you can contact our Customer Services Team on 0800 678 1100 or 020 7892 7300. You can also email us at enquiries@fscs.org.uk.&nbsp;
    The FSCS has published some Questions and Answers about Keydata which you may find helpful.&nbsp;
    Please check the Administrators&rsquo; website for general information about their work.&nbsp;
    Further information about Keydata is available on the FSA's website.

&nbsp;]]>
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				<pubDate>Tue, 31 Aug 2010 00:00:00 GMT</pubDate>
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				<title>Whiteley Insurance Consultants</title>
				<link>http://www.fscs.org.uk/industry/news/2010/march/whiteley-insurance-consultants/</link>
				<description><![CDATA[The Financial Services Compensation Scheme (FSCS) is ready to consider eligible claims against Whiteley Insurance Consultants (Whiteley&rsquo;s).
Provisional liquidators were appointed to the firm on 26 April 2005 and the company was put into liquidation on 7 February 2006. The firm was declared in default by the FSCS on 9 May 2005. Following the claims process carried out by the liquidators and the &nbsp;investigations into the firm carried out by the FSCS, &nbsp;the FSCS is now able to consider claims against the firm for travel insurance (or other) policies arranged on or after 14 January 2005. We are unable to consider claims arising before this date because the firm was not regulated by the FSA until 14 January 2005.
Application forms will be sent to those who had insurance policies which expired after Whiteley's was declared in default and those who have claims for losses yet to be paid.
Claimants should answer all the sections on the form and then return the form in the envelope provided. Any dividends already paid to claimants by PricewaterhouseCoopers, the liquidators of Whiteley's, will be deducted from any amount the FSCS is able to pay.
The FSCS will be writing to potential claimants in the next few weeks explaining how to make a claim. However, if you wish to contact the FSCS in the meantime, please contact our Customer Services Team with full details of your query or call our helpline on:
020 7892 7300&nbsp;or&nbsp; 0800 678 1100.
The FSCS&nbsp;has also published some Frequently Asked Questions relating to Whiteley Insurance Consultants.
The role of the FSCS
The FSCS is the UK's statutory fund of last resort for customers of financial services firms and may be able to help consumers if an authorised firm is unable to pay claims against it (called being &quot;in default&quot;). The FSCS was set up under the terms of the Financial Services and Markets Act 2000 and protects deposits, insurance, investments and mortgage business. We are an independent body and provide a free service to consumers.]]>
</description>
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				<pubDate>Tue, 02 Mar 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>Millfield Partnership Limited</title>
				<link>http://www.fscs.org.uk/industry/news/2006/july/millfield-partnership-limited/</link>
				<description><![CDATA[If you are a client of Millfield Partnership Limited, which was placed into administration on 3rd July 2006, it is important for you to know that:

    
    &nbsp;
    If you believe you have a complaint against the firm or have an outstanding complaint with the firm, you should contact the administrators, PricewaterhouseCoopers LLP on 020 7213 2002.
    &nbsp;
    


    
    If the firm (or the administrators on its behalf), is unable to meet valid claims against it, FSCS may be able to pay compensation to consumers who have lost money (for example, because the firm gave unsuitable financial advice).
    
    
    There are limits to the protection FSCS can provide.&nbsp;
    

More information about FSCS]]>
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				<guid>_pnup0j1k_1</guid>
				<pubDate>Mon, 10 July 2006 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Split Capital Investment Trusts</title>
				<link>http://www.fscs.org.uk/industry/news/2004/december/split-capital-investment-trusts/</link>
				<description><![CDATA[FSCS is not involved in the fund announced on 24 December 2004 by the Financial Services Authority (FSA) for investors in split capital investment trusts.
Consumers with enquiries about the fund should call the fund administrators, FDL, on 0845 606 6389.
If you are not eligible to make a claim to the fund, you should contact the firm that sold you your investment, or take independent advice.
FSCS is the UK's fund of last resort for customers of financial services firms. FSCS may be able to help if an authorised firm is unable to pay claims made against it.
Further information about FSCS]]>
</description>
				<guid>_nufb8rfu_1</guid>
				<pubDate>Wed, 29 Dec 2004 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>2010/11 Plan and Budget published</title>
				<link>http://www.fscs.org.uk/industry/news/2010/february/2010-11-plan-and-budget-published/</link>
				<description><![CDATA[Rising PPI and investment claims driving costs for remainder of 2009/10 and 2010/11
Rising payment protection insurance (PPI) and investment claims are key drivers of compensation costs for the rest of 2009/10 and into 2010/11, according to the Financial Services Compensation Scheme (FSCS).
The FSCS Plan and Budget provides its early assumptions about claims and associated funding needs for the coming financial year.
Plan and Budget 2010/11Press Release
Full Plan and Budget 2010/11]]>
</description>
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				<pubDate>Fri, 12 Feb 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>Keydata Update</title>
				<link>http://www.fscs.org.uk/industry/news/2010/march/keydata-update/</link>
				<description><![CDATA[Category One &ndash; claims relating to investments in the Keydata Secure Income Bond issues 1, 2 and 3
All known investors in Category One products should have received an application form from us following our announcement last November. If you have not yet received an application form, please contact us.
We are urging investors to return their completed application forms as soon as possible, to enable us to investigate their claims. It is important that investors also ensure their claim does not become time barred under the Limitation Act 1980 (as amended). The Act stipulates certain time limits for bringing legal claims. This should not be an immediate issue for most investors; however, if you have any concerns regarding this or require advice, you may want to consult a solicitor.
Category Two &ndash; tax claims relating to Keydata investments sold as ISA qualifying and backed by Lifemark SA
Investors in Category Two products are reminded to return their completed application forms as soon as possible. Our original deadline of 31 March 2010 has now been extended to 30 April 2010.
Following our update in January this year, we have now contacted all investors that we have been able to identify who invested in Category Two funds sold as ISAs. These investors may be liable for income tax on interest received on their investments from the date of Keydata&rsquo;s administration.
In order to progress to the next stage in the process agreed with HM Revenue and Customs (HMRC) and PricewaterhouseCoopers LLP (Keydata&rsquo;s Administrators), it is important that investors return their forms by this new deadline. If you fall into this category and have not received an application form, please contact us as soon as possible.
Please note that the recent developments in relation to Lifemark SA (outlined below) do not impact on the process for Category Two claims. Investors will remain liable for tax on any interest received in respect of their investment since Keydata was placed into administration in June 2009.
The FSCS has compiled a list of Frequently Asked Questions (FAQs) relating to Category Two tax claims which you may find helpful.
Category Four &ndash; claims relating to Keydata Income Property Bond investments
We are currently considering whether these products may give rise to claims and will provide a further update on Category Four funds as soon as we are able to.
Recent announcements relating to Lifemark SA
Investors may be aware of recent announcements relating to Lifemark SA. Lifemark SA is a company established in Luxembourg whose bonds were distributed in the UK by Keydata. These bonds have been categorised as Category Two, Category Three, and Category Five funds, and include investments promoted by Keydata with names such as the Defined Income Plan, Secure Income Plan and Income Plan. You can find the full list of funds included in Categories Two, Three and Five on the Administrators&rsquo; website.
On 1 February this year, Luxembourg&rsquo;s financial services regulator, the Commission de Surveillance du Secteur Financier (CSSF), suspended the securities issued by Lifemark SA from trading on the Luxembourg Stock Exchange.&nbsp;The CSSF announced at the same time that it was considering a proposal from Lifemark SA to restructure its debt.
Lifemark SA has since confirmed that it has failed to pay income on a number of its bonds. This means that certain Keydata investors in Category Two, Three and Five funds may not receive the regular income payments that they expect to receive from their investments.
We are monitoring these developments closely and are liaising with both the FSA and Keydata&rsquo;s Administrators to learn more about what this means for Keydata investors. It is not yet clear what the implications are for investors. If necessary we will consider whether Keydata is legally liable for any losses that may arise for investors in Category Two, Three and Five funds and whether we can pay compensation.
In the first instance, if investors have any queries regarding the payment of income, they should check PricewaterhouseCoopers LLP&rsquo;s website at www.pwc.co.uk/KIS or call the Keydata client services team on 0844 391 3412.
More information

    
    If you have any queries regarding Keydata you can contact our Customer Services Team on 0800 678 1100 or 020 7892 7300. You can also email us at enquiries@fscs.org.uk.
    
    
    The FSCS has published some Questions and Answers about Keydata which you may find helpful.
    
    
    Please check the Administrators&rsquo; website for general information about their work, including details of the funds in each of the five categories.
    
    
    The FSA&rsquo;s website also includes updates relating to Keydata.
    
]]>
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				<pubDate>Wed, 31 Mar 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>Eurolife FAQs</title>
				<link>http://www.fscs.org.uk/industry/news/2005/february/eurolife-faqs/</link>
				<description><![CDATA[1. I am an investor in the Eurolife Secured Bond ISA and have been sent a letter by Nvesta Plc and a Restructuring Proposal by Eurolife Capital Funding Plc (ECF). Should I vote to accept the proposals?
FSCS is unable to make a recommendation on how you should vote. If you are unsure about what you should do, you should consider taking independent professional advice.
More info on the Eurolife Secured Bond ISA is available on the FSA's website, which you may find useful.
2. If ECF and/or EAG become insolvent, will I be able to claim compensation from FSCS?
FSCS is the UK's statutory fund of last resort for customers of authorised financial services firms. Firms are authorised to trade in the financial services sector by the Financial Services Authority (FSA), the UK's independent watchdog set up to regulate the financial services industry and protect consumers. If a firm is authorised you have access to the Financial Ombudsman Service and to FSCS.
ECF and EAG are not authorised by the FSA. That means that you will not be able to make a claim to FSCS simply because ECF or EAG become insolvent. However, FSCS can consider claims against authorised firms that are unable to pay claims against them. (See Question 5). If you were sold the Eurolife Secured Bond ISA by an authorised firm, and you wish to make a complaint, you should contact the firm direct.
3. How do I know if the firm I dealt with is authorised by the FSA?
You can find out whether a firm is authorised by using the FSA's Firm Check Service on its consumer website. You can also find out about the status of a firm by telephoning the FSA's Consumer Helpline on 0845 606 1234. They will be able to tell you if the firm is still authorised to trade and how to get in touch with them. If the firm is no longer trading, and is unable to pay claims against it, you can contact FSCS.
4. I was sold the Eurolife Secured Bond ISA by an authorised firm and wish to make a complaint. What should I do?
If you have any questions about the Eurolife Secured Bond ISA please contact the firm that sold this to you. Their contact details should be on materials they will have sent to you. If you are having trouble contacting the firm you dealt with, please contact the FSA's Helpline on 0845 606 1234.
5. What happens if the firm that sold the Eurolife Secured Bond ISA to me is unable to pay my claim for compensation?
FSCS can consider claims against authorised firms who are unable, or likely to be unable, to pay claims against them. FSCS describes firms in this situation as being in default. If you believe that the firm you dealt with is unable to pay your claim, contact FSCS on 0207 892 7300.
6. I was sold the Eurolife Secured Bond ISA by a firm that FSCS has declared in default. What should I do?
If you are aware that the firm you dealt with has already been declared in default by FSCS, or if you believe that the firm you dealt with is unable to pay your claim, contact FSCS on 0207 892 7300. You can check whether the firm you dealt with has already been declared in default by FSCS by checking our online database or by calling our Customer Services Team on 020 7892 7300.&nbsp;
7. How does FSCS protect consumers of authorised investment firms that are unable to pay claims against them?
Consumers can apply to FSCS for compensation in respect of investments:

    if they suffer losses arising from bad investment advice, poor investment management or misrepresentation and the firm is unable to pay claims against it;
    if an authorised firm goes out of business and cannot return their investments or money owed to them.

A compensation limit applies to these claims (see Question 8).
8. What is the level of protection provided by FSCS?
There are limits to the amount of compensation FSCS can pay. For claims against authorised investment firms the limit is &pound;48,000 (100% of the first &pound;30,000 and 90% of the next &pound;20,000). We can only pay compensation for financial loss.
More info on the Eurolife Secured Bond ISA are available on the FSA's website.]]>
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				<pubDate>Wed, 16 Feb 2005 00:00:00 GMT</pubDate>
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				<title>BFS Levy Implications</title>
				<link>http://www.fscs.org.uk/industry/news/2006/february/bfs-levy-implications/</link>
				<description><![CDATA[On Wednesday 1 February 2006 BFS's Board decided it had insufficient funds to meet potential investors' claims in relation to split capital investment trusts. The shareholders decided to seek a creditors' voluntary liquidation. At a creditors' meeting on 10 February the following joint liquidators were appointed:

    Grant Thornton
    Grant Thornton House
    Melton Street
    London
    NW1 2EP 
    &nbsp;
    SPW Poppleton and Appleby
    Gable House
    239 Regents Park Road
    London
    N3 3LF&nbsp;

Implications for levy payers
We appreciate that levy payers may be concerned about the impact the potential default of this firm may have on the levies they pay to FSCS. We are talking to the joint liquidators to determine our potential involvement and are in contact with both the FSA and the Financial Ombudsman Service (FOS) about potential claims that may fall within our protection. However, it is currently too early to say what compensation costs might be paid by FSCS, or on which contribution groups any costs would fall.
Our forecasts for expenditure in 2005/06 and 2006/07 were published in our Plan and Budget 2006/07 on 1 February 2006. This information may need to be updated in light of the liquidation of BFS. We will provide an update on likely levy implications for the industry as soon as we can.&nbsp;
Further information
FSCS's Plan and Budget 2006/07 which provides current forecast expenditure for 2005/06 and likely budget requirements for 2006/07. Splits costs were not included in these estimates.
The FSA's Consultation Paper on our Management Expenses Levy Limit for 2006/07
More information about the funding structure of FSCS]]>
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				<pubDate>Fri, 03 Feb 2006 00:00:00 GMT</pubDate>
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			<item>
				<title>Keydata Update</title>
				<link>http://www.fscs.org.uk/industry/news/2010/july/keydata-update/</link>
				<description><![CDATA[
Keydata claims relating to investments in Lifemark SA
This update is for customers of Keydata who hold bonds backed by Lifemark SA, which is a company established in Luxembourg whose bonds were distributed in the UK by Keydata.
The Keydata investments backed by Lifemark SA include investments with names such as the Defined Income Plan, Secure Income Plan and Income Plan. We have previously referred to the Lifemark SA funds as Category Two, Category Three, and Category Five funds. You will find the full list of funds included in Categories Two, Three and Five on PricewaterhouseCoopers&rsquo; Keydata website.
As investors may know, on 1 February this year, Luxembourg's financial services regulator, the Commission de Surveillance du Secteur Financier (CSSF), suspended the securities issued by Lifemark SA from trading on the Luxembourg Stock Exchange. The CSSF announced at the same time that it was considering a proposal from Lifemark SA to restructure its debt.
Lifemark SA has since confirmed that it has failed to pay income on a number of its bonds. This means that certain Keydata investors in funds backed by Lifemark SA have not received the regular income payments that they expected to receive from their investments.
Since February we have been carrying out in depth investigations to learn more about what has happened, what it means for investors, and whether the FSCS will have a role in compensating investors for any losses. In particular, we have been considering whether Keydata is legally liable for any capital losses that may arise for investors in funds backed by Lifemark SA and whether we can pay compensation. These investigations are now at an advanced stage, and we hope to be able to confirm our position in relation to the potential liability of Keydata during September.
We have also been liaising with the FSA, Keydata&rsquo;s Administrators and the other parties involved in the restructuring proposals. There is currently uncertainty around when the parties will be in a position to update investors on the timing and terms of any proposal. Whilst this remains unresolved it is unclear what losses investors may suffer. We will continue to monitor the situation and consider the implications for any compensation we may pay.
We fully recognise the distress and financial difficulties suffered by many Keydata investors who hold funds backed by Lifemark SA, and we will do all we can to provide certainty around the position of the FSCS as soon as we can.
Investors do not need to take any further action at this time.

More information

    If you have any queries regarding Keydata you can contact our Customer Services Team on 0800 678 1100 or 020 7892 7300. You can also email us at enquiries@fscs.org.uk.


    The FSCS has published some Questions and Answers about Keydata which you may find helpful.


    Please check the Administrators&rsquo; website for general information about their work, including details of the funds in each of the five categories.&nbsp;&nbsp;


    &nbsp;Further information about Keydata is available on the FSA's website.
]]>
</description>
				<guid>_h1bmxviq_1</guid>
				<pubDate>Wed, 21 July 2010 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Whitely Insurance Consultants</title>
				<link>http://www.fscs.org.uk/industry/news/2005/may/whitely-insurance-consultants/</link>
				<description><![CDATA[This is the current position.
FSCS has declared Whiteley Insurance Consultants in default to enable it to provide immediate assistance to the provisional liquidators for emergency claims that fall within the scope of its protection, whilst the financial position of the firm is being established.
FSCS can now consider emergency claims arising from business conducted on or after 14 January 2005. The provisional liquidators are currently trying to establish the financial position of the firm, which may hinder its ability to meet some urgent claims immediately.&nbsp;
What this means for policyholders
FSCS may be able to assist with payment of emergency claims relating to business conducted on or after 14 January 2005. This is the date when customers of insurance intermediaries first came under the Scheme's protection.
FSCS will not be handling claims directly. Claims will continue to be handled through the provisional liquidators' helplines and will be considered on a case-by-case basis.

    
    For emergency medical claims, customers of this firm should ring the 24-hour emergency number: 01422 355553.
    
    
    Any other consumers who think they may have a claim, or are due a return of premiums, should call the provisional liquidators' helpline on 08705 234803.
    
    
    Anyone who bought insurance through this firm may need to arrange alternative cover immediately, and should check their policy. If consumers have any questions they should call the provisional liquidators' helpline on 08705 234803.&nbsp;
    

FSCS will not be considering other (non-emergency) protected claims until the ability of the firm to meet claims has been established. If the provisional liquidator establishes that the firm has enough money to deal with claims itself, claims will be considered by the firm and FSCS will not need to be further involved.
Further information about FSCS.]]>
</description>
				<guid>_guc48rfq_1</guid>
				<pubDate>Thu, 19 May 2005 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>David Aaron</title>
				<link>http://www.fscs.org.uk/industry/news/2004/february/david-aaron/</link>
				<description><![CDATA[This is the current position
The Financial Services Compensation Scheme (FSCS) has declared the David Aaron Partnership and David M Aaron (Personal Financial Planners) Limited in default. This means that FSCS is satisfied that these firms are unable (or likely to be unable) to pay claims against them. Both of these firms, at different times, traded as &quot;The David Aaron Partnership&quot;. A declaration of default opens the way for consumers to claim compensation from FSCS.
&nbsp;What to do if you have a claim

    FSCS has sent out application packs to all known claimants. This includes a claim application form, our booklet on claiming compensation. 
    &nbsp;
    If you believe you have a claim for compensation, but have not received an application pack, please contact us. To make a claim for compensation, you will need to fill in our application form and send it to us. 
    &nbsp;
    If you have already provided a detailed explanation of your complaint to the Financial Ombudsman Service (FOS) this information will have been passed to FSCS. However, you will still need to fill in an application form to claim compensation from FSCS, which will have been sent to you. 
    &nbsp;

If you have not already done so, you should also contact KPMG, the liquidator of the limited company, to notify them that you may have a claim against this firm. They can be contacted at:

    8 Salisbury Square, London EC4Y 8BB.

How long will claims take to process?
We have set up a dedicated team to handle these claims and we are dealing with all claims as quickly as we can. However, we have received approximately 2,000 claims relating to The David Aaron Partnership, which will take some time to complete, and we must ask you to be patient.
Whilst we intend to complete all claims within nine months, those claims that are at the back of the queue may take longer (although we hope not significantly longer than this). Claims are being processed in order of receipt unless a claimant is facing particular hardship. For bond claims, we cannot process your claim until the investment has matured.
Any questions?
If you have any questions, please contact us. However, if you have already lodged your claim, please be patient. We will acknowledge receipt of your completed application form and will be in touch about your claim as soon as we can.]]>
</description>
				<guid>_g96f8rfi_1</guid>
				<pubDate>Mon, 23 Feb 2004 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>BBNFS</title>
				<link>http://www.fscs.org.uk/industry/news/2004/september/bbnfs/</link>
				<description><![CDATA[This is the current position
The Financial Services Compensation Scheme (FSCS) has declared Berry Birch &amp; Noble Financial Services Ltd in default, which means that FSCS is satisfied the firm is unable to pay claims against it. A declaration of default opens the way for consumers to claim compensation from FSCS.
What to do if you have a claim:

    Please outline the details of your claim in writing to: 
    FSCS, 7th Floor, Lloyds Chambers, 1 Portsoken Street, London E1 8BN or contact us for advice. 
    
    You should also contact the liquidator to notify them that you may have a claim against this firm. They can be contacted at Vantis Business Recovery, Torrington House, 47 Holywell Hill, St Albans, Herfordshire, AL1 1HD.

How long will claims take to process?
Please be assured that FSCS is dealing with all claims as quickly as it can. Once a firm has been declared in default we generally aim to complete claims within six months of receiving a completed application form. However, we have recently experienced a large increase in the number of claims coming to the Scheme, which means that claims may take longer than this. We are also reliant on third parties for information, which can also delay things.
Any questions?
If you have any queries about your claim please contact us. However, if you have already lodged your claim, we would ask you to please be patient. We will be in touch as soon as we can.]]>
</description>
				<guid>_fiqt0j18_1</guid>
				<pubDate>Mon, 13 Sep 2004 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Exeter Fund Managers Limited FAQs</title>
				<link>http://www.fscs.org.uk/industry/news/2005/april/exeter-fund-managers-limited-faqs/</link>
				<description><![CDATA[This is the current position
Exeter Fund Managers Ltd is in administration. Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers have been appointed as administrators to manage its affairs. Claims against Exeter Fund Managers are currently being dealt with by the administrators of the firm.
The administrators of EFM have been gathering information from investors about the likely volumes, nature and value of potential claims against this firm. Exeter Fund Managers is not currently in default, although we do expect that FSCS will become involved in considering claims against this firm. We are working closely with the administrators to try to ensure that the claim process agreed is in the best interests of investors and avoids duplication.
If you believe you have a claim against this firm, you should register your claim with the administrators. If you need any help or have any queries about claims against this firm, please contact the administrators on: 020 7804 8203 or look at their website.
The role of FSCS
The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms and can help consumers if a firm is unable to pay claims against it. FSCS was set up under the Financial Services and Markets Act 2000 (FSMA) and protects deposits, insurance, investments and mortgage business.
FSCS is only able to consider claims against an authorised firm that it has declared 'in default'. An authorised firm may be declared in default if it is unable (or likely to be unable) to pay claims made against it, and there are claims which are eligible for compensation from FSCS. Firms are authorised to trade in the financial services sector by the Financial Services Authority (FSA), the UK's independent watchdog set up to regulate the financial services industry and protect consumers. More information about FSCS
We will update our website as soon as we have any further news.

    If you were sold your investment by another authorised firm, and have any questions or wish to make a complaint or claim, you should contact the firm direct. Their contact details should be on materials they will have sent you. If you are having trouble finding contact details for the firm you dealt with, please contact the Financial Services Authority's Helpline on 0845 606 1234.&nbsp;

Frequently Asked Questions]]>
</description>
				<guid>_dyt58rfj_1</guid>
				<pubDate>Thu, 21 Apr 2005 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Keydata Update</title>
				<link>http://www.fscs.org.uk/industry/news/2010/may/keydata-update/</link>
				<description><![CDATA[
Category One &ndash; claims relating to investments in the Keydata Secure Income Bond issues 1, 2 and 3
Of the 5,000 Keydata customers&nbsp;who have so far submitted a claim for compensation, we have been able to issue decisions on over 4,400.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 per cent of those decisions have resulted in compensation payments.
A number of the outstanding claims have required detailed investigation. We are continuing to work hard to complete these claims as quickly as possible.
If you have a claim relating to Category One and you have not yet received an application form, please contact us.

Category Two &ndash; tax claims relating to Keydata investments sold as ISA qualifying and backed by Lifemark SA
We have sent 14,200 application forms to investors in Category Two. Of those, 13,500 have been returned to us and 11,950 claims have been resolved. 80 per cent of claims that have been resolved resulted in an offer of compensation (compensation will be paid to HMRC as the liability arises). We expect to have processed all the remaining claims in Category Two by the end of May.
As a result of the Category Two products being incorrectly described as ISA qualifying, we are currently only able to consider claims in respect of any tax liability that has arisen. Please note that the developments in relation to Lifemark SA (outlined below) do not impact on the process for Category Two claims.

Lifemark SA
Lifemark SA is a company established in Luxembourg whose bonds were distributed in the UK by Keydata. These bonds have been categorised as Category Two, Category Three, and Category Five funds, and include investments promoted by Keydata with names such as the Defined Income Plan, Secure Income Plan and Income Plan. You can find the full list of funds included in Categories Two, Three and Five on the Administrators&rsquo; website.
We are carrying out detailed investigations, liaising with the FSA, Keydata&rsquo;s Administrators, and other relevant parties, to learn more about what these investigations mean for Keydata investors. It is not yet clear what the implications are for investors. If necessary, we will consider whether Keydata is legally liable for any losses that may arise for investors in Categories Two, Three and Five funds and whether we can pay compensation.
In the first instance, if investors have any queries regarding the payment of income, they should check PricewaterhouseCoopers LLP&rsquo;s website at www.pwc.co.uk/KIS or call the Keydata client services team on this number:
01189 255 933 

Category Four &ndash; claims relating to Keydata Income Property Bond investments
We are currently considering whether these products may give rise to claims and will provide a further update on Category Four funds as soon as we are able to do so.

More information

    If you have any queries regarding Keydata you can contact our Customer Services Team on 0800 678 1100 or 020 7892 7300. You can also email us at enquiries@fscs.org.uk.


    The FSCS has published some Questions and Answers about Keydata which you may find helpful.


    Please check the Administrators&rsquo; website for general information about their work, including details of the funds in each of the five categories.&nbsp;
]]>
</description>
				<guid>_cjd6fmhh_1</guid>
				<pubDate>Fri, 21 May 2010 00:00:00 GMT</pubDate>
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