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		<title>FSCS: News</title>
		<link>http://www.fscs.org.uk/news/</link>
		<language>en-us</language>
			<item>
				<title>NDF DRL ARC Update</title>
				<link>http://www.fscs.org.uk/news/2010/march/ndf-drl-arc-update/</link>
				<description><![CDATA[
Capital at Risk products
The FSCS continues to investigate whether customers of NDF Administration Limited (NDF), Defined Returns Limited (DRL) and Arc Capital and Income plc (Arc) who held Capital at Risk products are likely to qualify for compensation.
We realise people may be anxious about their investment and thank investors for their patience. Our investigations are taking longer than anticipated, but as soon as we have any additional information we will update investors of Capital at Risk products. All claims will be dealt with on a case by case basis.
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 

The latest updates from the administrator on NDF and DRL can be accessed through the administrators' website at www.ndfa.creditorhelpline.co.uk or through their dedicated customer helpline on
0844 770 2203
Further information on Arc is available from the administrators' website at www.cbw.co.uk/arc or through their dedicated customer helpline on
0844 880 6511

Capital Secure Products
Investors with Capital Secure products sold by NDF, DRL and Arc should have received an application form from the FSCS. These were sent out in December. The FSCS has started processing these claims.
Investors with a Capital Secure Product who have not yet returned their application forms to the FSCS, should complete them as soon as possible. If you are a Capital Secure investor and you have not received a form, please contact our Customer Services Team (details below).
The investments defined as Capital Secure products include:

    NDF - Capital Secure Fixed Growth Plan March 2008
    NDF - Capital Secure Fixed Growth Plan April 2008
    NDF - Capital Secure Fixed Growth Plan June 2008
    DRL - Enhanced Returns Plan Issue 1
    DRL - Enhanced Returns Plan Issue 2
    DRL - Enhanced Returns Plan Issue 3
    DRL - Enhanced Returns Plan Issue 4
    DRL - Enhanced Emerging Markets Plan Issue 1
    DRL - Enhanced Returns Plan Issue 5
    Arc - Bull &amp; Bear Enhanced Investment Plan 3


Contact the FSCS
If you think you have a valid claim and you have not received an application form, please contact the FSCS in writing at:
Financial Services Compensation Scheme 
5th floor, Lloyds Chambers 
Portsoken Street 
London E1 8BN
If you have any other enquiries you can contact us by phone, in writing, or by email.]]>
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				<pubDate>Thu, 11 Mar 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>Whiteley Insurance Consultants</title>
				<link>http://www.fscs.org.uk/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>
				<guid>_qfjpf1gx</guid>
				<pubDate>Tue, 02 Mar 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>2010/11 Plan and Budget published</title>
				<link>http://www.fscs.org.uk/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 for Cat 2 investors</title>
				<link>http://www.fscs.org.uk/news/2010/january/keydata-update-for-cat-2-investors/</link>
				<description><![CDATA[Keydata customers who invested in Category Two products can expect to receive a letter from the FSCS in early February. The letter will explain how they can make a claim for compensation and will include an FSCS Application Form for claimants to complete and return by 31 March 2010.
This category of claim relates to investments in certain Keydata ISA products which were sold to investors on the basis that they were eligible to be included in an ISA wrapper, but which have since been confirmed not to qualify for ISA tax exemptions. This means that affected investors are liable to pay income tax on any interest received in respect of the investment from 8 June 2009 (the date Keydata was placed into administration) up until the maturity date or date of disposal of the investment (if earlier).
The FSCS has now agreed a process with HM Revenue and Customs (HMRC) and PricewaterhouseCoopers LLP (Keydata&rsquo;s Administrators), to pay directly to HMRC any compensation due to eligible Category Two investors in relation to the tax liability. Where the FSCS pays compensation in this way, the claimant will not be required to report to HMRC the interest received in respect of the Category Two investment, or to pay any tax due.
Any Keydata customer who invested in a Category Two product who has not received a letter by 13 February 2010 should contact the FSCS.
It is important that claimants complete and return their FSCS Application Form by 31 March 2010 to enable the FSCS to include their claim in the arrangement agreed with HMRC and the Administrators.
More information
The FSCS has compiled a list of Frequently Asked Questions (FAQs) relating to Category Two tax claims which you may find helpful. You may also wish to look at our general Keydata FAQs.
The FSCS previously issued a Keydata update on 23 December 2009.
Tax guidance for Keydata investors from HMRC
HMRC has previously published details of the tax implications for Keydata investors. This information can be found on HMRC&rsquo;s website.
PricewaterhouseCoopers&rsquo; website
For further details about the Administrators' work, including a comprehensive list of Keydata products affected by the ISA issues, please refer to www.pwc.co.uk/KIS.
&nbsp;]]>
</description>
				<guid>_hudt7dfy</guid>
				<pubDate>Fri, 29 Jan 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>New Chief Executive Announced</title>
				<link>http://www.fscs.org.uk/news/2010/january/new-chief-executive-announced/</link>
				<description><![CDATA[The Financial Services Compensation Scheme (FSCS) has appointed Mark Neale as its new Chief Executive.
Mr. Neale, who takes up the post in May succeeds Loretta Minghella who led the organisation for five years. Mr. Neale will join the Board of the FSCS as his appointment was confirmed by the Financial Services Authority yesterday.
For more information please see the related press release.]]>
</description>
				<guid>_50a28df7</guid>
				<pubDate>Fri, 29 Jan 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>Disclosure Requirements for Deposit Firms</title>
				<link>http://www.fscs.org.uk/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]]>
</description>
				<guid>_ytu3vbfj</guid>
				<pubDate>Fri, 01 Jan 2010 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>New Compensation Limits</title>
				<link>http://www.fscs.org.uk/news/2010/january/new-compensation-limits/</link>
				<description><![CDATA[On 1 January 2010 the compensation limits for investment, insurance and home finance intermediation claims are changing. The new limits will apply to claims against firms declared in default on or after 1 January 2010 following a rule change announced by the FSA earlier this year. &nbsp;
Compensation limits for investment and home finance advice and arranging claims will increase to &pound;50,000, bringing the compensation limit for these classes in line with the limits for deposit claims. Compensation for non-compulsory insurance will be paid at 90%, with no upper limit. Cover for compulsory insurance will remain at 100% protection with no upper limit. The new limits will make it easier for consumers to understand the cover the FSCS provides.
Overview of the new limits applying to eligible claims

    
    Investments: Provision and mediation of investments:&nbsp;protection for 100% of &pound;50,000
    
    
    Home finance mediation: Advising on or arranging house purchase finance:&nbsp;protection for 100% of &pound;50,000
    
    
    Insurance Business: Non-compulsory insurance provision (both general and life insurance): protection for 90% of the claim, with no upper limit.
    
    
    General Insurance intermediation: Non-compulsory general insurance and pure protection contracts (e.g. term, critical illness and income protection insurance): protection for 90% of the claim, with no upper limit.&nbsp;
    
]]>
</description>
				<guid>_9gfvubfv</guid>
				<pubDate>Fri, 01 Jan 2010 00:00:00 GMT</pubDate>
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			<item>
				<title>Keydata Update for Category 2 Investors</title>
				<link>http://www.fscs.org.uk/news/2009/december/keydata-update-for-category-2-investors/</link>
				<description><![CDATA[Early in the New Year, the FSCS will write to Keydata customers who invested in Category Two products to explain how they may make their claims for compensation.
The FSCS is finalising the details of a process with HM Revenue and Customs (HMRC) and PricewaterhouseCoopers (the Administrators) whereby it will pay compensation that is due to eligible Category Two investors directly to HMRC on an annual basis. Where the FSCS pays compensation directly to HMRC on a claimant&rsquo;s behalf, the claimant will not be required to pay income tax to HMRC themselves in respect of their Keydata Category Two investments which were incorrectly sold to them as ISA-qualifying.
The FSCS and HMRC have devised this process in order to minimise the administrative burden for all parties, especially Keydata customers. It will enable the FSCS to pay compensation that is due in the most efficient way. The FSCS will be writing to those Keydata customers who are affected as soon as the compensation process has been finalised, which we anticipate will be early in 2010.
Background to &lsquo;Category Two&rsquo; investments
Category Two investments are ISA investments in the following products:

    
    The Secure Income Bond issue 4, the Secure Income Plan issues 1 to 12 and 14, the Defined Income Plan issues 1 to 8 and the Income Plan issues 1 to 12 and 14.
    
    
    HMRC has confirmed that these Category Two products do not meet the requirements for ISA investments. This only affects ISA products which had a term of five years or less. The FSCS is now aware of approximately 14,000 investors in these affected products.
    
    
    For the period before Keydata went into administration (8 June 2009), investors will not have to pay any income tax because HMRC will pursue recovery of the tax from Keydata itself.
    
    
    For the period following administration, the FSCS anticipates that the majority of investors in Category Two will be eligible for compensation in respect of any tax losses incurred as a result of the fact that these investments were not ISA-qualifying.
    

More information
The FSCS has compiled a list of
Frequently Asked Questions
which you may find helpful.
The FSCS previously issued a Keydata update on 13 November 2009.&nbsp;
Tax guidance for Keydata investors from HMRC
HMRC has published details of the tax implications for Keydata investors. This information can be found on HMRC&rsquo;s website.&nbsp;
The Administrators' website
For further details about the Administrators' work, including a comprehensive list of Keydata products affected by the ISA issues, please refer to www.pwc.co.uk/KIS.]]>
</description>
				<guid>_1p4jubf7</guid>
				<pubDate>Wed, 23 Dec 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>NDF, Defined Returns, and Arc</title>
				<link>http://www.fscs.org.uk/news/2009/december/ndf-defined-returns-and-arc/</link>
				<description><![CDATA[FSCS starts to consider individual claims for structured products
The FSCS is ready to consider individual compensation claims relating to structured products sold by NDF Administration Limited (NDF), Defined Returns Limited (DRL) and Arc Capital and Income plc (Arc). All three firms were recently declared in default by the FSA.
The FSCS has identified two broad categories of products for the three firms: Capital Secure products and Capital At Risk products.
1. Capital Secure 
The FSCS's investigations indicate that Capital Secure products may have been mis-sold by NDF, DRL and Arc. The investments categorised as Capital Secure products include:

    NDF - Capital Secure Fixed Growth Plan March 2008
    NDF - Capital Secure Fixed Growth Plan April 2008
    NDF - Capital Secure Fixed Growth Plan June 2008
    DRL - Enhanced Returns Plan Issue 1
    DRL - Enhanced Returns Plan Issue 2
    DRL - Enhanced Returns Plan Issue 3
    DRL - Enhanced Returns Plan Issue 4
    DRL - Enhanced Emerging Markets Plan Issue 1
    DRL - Enhanced Returns Plan Issue 5
    Arc - Bull &amp; Bear Enhanced Investment Plan 3

Application forms will be sent to investors with these products by the end of December. Claims will be processed once the FSCS has received completed application forms and any supporting information.
2. Capital at Risk
The FSCS is continuing to investigate the position of investors with Capital At Risk products. The investments categorised 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

The FSCS will update investors of Capital At Risk products as soon as our investigations are complete.
Further information on NDF and DRL is available from the administrators' website at www.ndfa.creditorhelpline.co.uk or through their dedicated customer helpline on 0844 770 2203.
Further information on Arc is available from the administrators' website at www.cbw.co.uk/arc or through their dedicated customer helpline on 0844 880 6511.]]>
</description>
				<guid>news_2009_12_001</guid>
				<pubDate>Fri, 11 Dec 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Kaupthing Singer &amp; Friedlander Second Dividend</title>
				<link>http://www.fscs.org.uk/news/2009/november/kaupthing-singer-fnews-2009-11-002/</link>
				<description><![CDATA[The Administrators of Kaupthing Singer &amp; Friedlander Limited (in Administration) (&quot;KSF&quot;) recently issued a notice to creditors advising that they intend to make a second interim distribution to unsecured creditors. We understand that the distribution is expected to be paid in or around December 2009 and creditors must submit their claims to the Administrators by the date specified in the notice.
KSF customers who submit a claim in the administration will still be able to make a claim for compensation to the FSCS (assuming they have not already done so). However, the FSCS will take into account any dividend received by KSF customers from the administration when calculating the amount of compensation (including any element representing interest) payable to customers that are eligible under FSCS rules.
KSF customers who have already been paid compensation by the FSCS will not be entitled to any dividend payments from the administration as their claims were paid in full and their rights were assigned or transferred in their entirety to the FSCS.
Further information for creditors of KSF can be found on the KSF website (www.kaupthingsingers.co.uk).]]>
</description>
				<guid>news_2009_11_002</guid>
				<pubDate>Mon, 30 Nov 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Keydata Investment Services (in administration) Update</title>
				<link>http://www.fscs.org.uk/news/2009/november/keydata-investment-servinews-2009-11-003/</link>
				<description><![CDATA[Updated 13 November 2009
Keydata Investment Services Limited (in administration) (Keydata) is in default. This means the FSCS can start sending application forms to customers of the firm, and consider claims for compensation.
Keydata was placed into Administration on 8 June 2009, and since then the FSCS has been working closely with the firm's Administrators (PricewaterhouseCoopers), the Financial Services Authority (FSA) and HM Revenue and Customs (HMRC), to understand the full implications of the failure of the firm for its customers.
A number of complicated legal issues surrounding Keydata have prolonged this process. The FSCS has identified two categories of potential claims:
Category One:
Secure Income Bond issues 1, 2 and 3
The Administrators have confirmed that there is evidence to suggest that the underlying assets held in these funds have been liquidated and may have been misappropriated. In addition, a number of these investments were sold as ISAs, and HMRC has now confirmed that they did not meet the necessary requirements for qualifying as ISA investments.
Many of these products were bought by investors on the basis that they were ISA qualifying investments, but it has turned out that this was never the case. Whilst we must consider claims on a case by case basis, we presently anticipate that the vast majority of these customers will be eligible for compensation.
The remaining Category One investors, who did not invest in ISA products, are now also able to bring a claim for compensation to the FSCS. These investors may still have grounds for a successful claim against Keydata if it can be established that the firm caused them to suffer a financial loss, even though we have not at this stage been able to establish that the apparent loss of the underlying assets results in any liability on Keydata's part. These claims will be considered by the FSCS on a case by case basis in light of an investor's dealings with Keydata.
The FSCS will shortly be sending application forms to all Keydata customers who invested in these Category One products to enable them to make a claim for compensation. If you invested in a Category One product and have not received a form by the end of November, please contact our helpline on 020 7892 7300 or 0800 678 1100.
Category Two:
ISA investments in products including the Secure Income Bond issue 4, the Secure Income Plan issues 1 to 12 and 14, the Defined Income Plan issues 1 to 8 and the Income Plan issues 1 to 12 and 14. 
HMRC has confirmed that these Category Two products, which were promoted as eligible for an ISA, do not meet the requirements for ISA investments. This only affects ISA products which had a term of five years or less. There are approximately 16,000 investors in these affected funds.
For the period before Keydata went into administration (8 June 2009), investors will not have to pay any tax because HMRC will pursue recovery of the tax from Keydata itself.
For the period following administration, the FSCS anticipates that the majority of investors in Category Two will be eligible for compensation in respect of any tax losses incurred as a result of the fact that these investments were not ISA-qualifying. Moreover, the FSCS and HMRC are developing a process whereby the FSCS would pay compensation on behalf of eligible investors to HMRC each year, avoiding the requirement for investors to pay the tax to HMRC upfront and later claim it from the FSCS. The FSCS expects to write to affected investors with details of the claims process by the end of December.
Tax guidance for Keydata investors from HMRC
HMRC has published details of the tax implications for Keydata investors. This information can be found on their website: www.hmrc.gov.uk/isa/
The Administrators' website
For further details about the Administrators' work, including a comprehensive list of Keydata products affected by the ISA issues, please refer to www.pwc.co.uk/KIS
We have also compiled a list of Frequently Asked Questions which you may find helpful.]]>
</description>
				<guid>news_2009_11_003</guid>
				<pubDate>Fri, 13 Nov 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Arc Capital and Income plc</title>
				<link>http://www.fscs.org.uk/news/2009/october/arc-capital-and-income-plc/</link>
				<description><![CDATA[The firm Arc Capital and Income plc (Arc) went into administration on 26 October 2009. The Financial Services Authority (FSA) determined Arc to be &quot;in default&quot; on 26 October 2009. This means that the FSCS can be satisfied the firm is unable, or likely to be unable, to pay claims against it. A determination of default opens the way for consumers to claim compensation from the FSCS.
The FSCS is liaising with the FSA and the Joint Administrators (Robin Davis, Melvyn Carter and John Alexander of Carter Backer Winter LLP) to understand as much as possible about the activities of the firm which might give rise to valid claims for compensation.
It is too early for us to say which products are affected and which investors could be eligible for compensation. However, we have commenced our investigations into certain investment products sold by the firm which were backed by the Lehman Brothers Group.
The FSCS is the statutory fund of last resort for customers of financial services firms which cannot meet their liabilities. We are doing everything in our power to enable us to start processing claims and paying compensation to any eligible claimants. We understand that the Joint Administrators are also treating this matter with urgency and will be writing to investors shortly about the administration.
Further information is available on the Joint Administrators dedicated website or through their dedicated customer helpline on 0844 880 6511.
Customers of the firm do not need to contact the FSCS at this stage. We will be updating our own website as soon as we are in a position to explain the types of claim we may be able to consider and how investors should make their claims.
More about the FSCS
Investment limits]]>
</description>
				<guid>news_2009_10_004</guid>
				<pubDate>Mon, 26 Oct 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>NDF Administration Limited and Defined Returns Limited</title>
				<link>http://www.fscs.org.uk/news/2009/october/ndf-administration-limitnews-2009-10-005/</link>
				<description><![CDATA[The firms NDF Administration Limited (NDF) and Defined Returns Limited (DRL) went into administration on 14 October 2009. The Financial Services Authority (FSA) determined NDF and DRL to be in default on 14 October 2009. This means that the FSCS can be satisfied the firms are unable, or likely to be unable, to pay claims against them. A determination of default opens the way for consumers to claim compensation from the FSCS.
The FSCS is liaising with the FSA and the Joint Administrators (Andrew Hosking and Martin Ellis of Grant Thornton UK LLP) to understand as much as possible about the activities of the firms which might give rise to valid claims for compensation.
It is too early for us to say which products are affected and which investors could be eligible for compensation. However, we have commenced our investigations into certain investment products sold by the firms which were backed by the Lehman Brothers Group. Our preliminary findings indicate that at least some of the marketing materials used by the firms were non-compliant with their regulatory obligations and may give rise to valid claims. With the assistance of the FSA and the Joint Administrators, our investigations and analysis into these products is ongoing.
The FSCS is the statutory safety net of last resort for customers of financial services firms which cannot meet their liabilities. We are doing everything in our power to enable us to start processing claims and paying compensation to any eligible claimants. We understand that the Joint Administrators are also treating this matter with urgency and will be writing to investors shortly about the administration.
Further information is available on the Joint Administrators dedicated website or through their dedicated customer helpline on 0844 770 2203.
Customers of the firms do not need to contact the FSCS at this stage. We will be updating our website as soon as we are in a position to explain the types of claim we may be able to consider and how investors should make their claims.
About the FSCS
Investment limits]]>
</description>
				<guid>news_2009_10_005</guid>
				<pubDate>Wed, 14 Oct 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Postal Strike - Impact on Fixed Term Bond holders</title>
				<link>http://www.fscs.org.uk/news/2009/october/postal-strike-impact-onews-2009-10-007/</link>
				<description><![CDATA[The FSCS is trying to reduce the impact on claimants of the current postal strikes (for details of the likely disruption please visit the Royal Mail website). If you had a fixed term bond with Icesave or London Scottish Bank that is due to mature during the planned strike, and you are concerned about delays in receiving your compensation cheque from us, please contact our customer service team by phone on one of the following numbers:
0207 892 7300
or
0800 678 1100
Or by email:
enquiries@fscs.org.uk
We will be happy to consider any steps we can take to ensure you receive your payment as soon as possible.]]>
</description>
				<guid>news_2009_10_007</guid>
				<pubDate>Fri, 09 Oct 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>PPI Supplementary Questionnaire forms</title>
				<link>http://www.fscs.org.uk/news/2009/october/ppi-supplementary-questionnaire-forms/</link>
				<description><![CDATA[We recently sent out supplementary questionnaires to a number of PPI claimants, to help us obtain as much information as possible and progress these claims.
If you have received one of these forms, please complete it and send it back to us as soon as you can. A delay in returning your questionnaire could hinder the progress of your claim.
If you have any questions relating to the questionnaire please contact Deloittes (who are assisting us with the processing of these claims) on 0207 303 0655.
Original PPI Claims Update]]>
</description>
				<guid>news_2009_10_006</guid>
				<pubDate>Fri, 09 Oct 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Keydata Investment Services Limited - Update</title>
				<link>http://www.fscs.org.uk/news/2009/september/keydata-investment-servinews-2009-09-008/</link>
				<description><![CDATA[Updated 30 September 2009
The FSCS is now at an advanced stage of its investigations and analysis into issues arising out of the Administration of Keydata, with a view to confirming its involvement in compensating investors with claims against the firm.
There are a number of complicated legal issues surrounding Keydata. As a result, the FSCS has engaged external experts to assist with the ongoing analysis into the categories of claim that might be brought against the firm. At the same time, we are continuing to work closely with the Administrators (PwC), the FSA and HM Revenue and Customs to understand the full implications of the failure of Keydata for consumers.
We are focusing our work on two broad categories of potential claims that might be brought against Keydata. The first category relates to the Keydata Secure Income Bond issues 1, 2 and 3 where shortfalls have been confirmed by the Administrators. The central question there is whether any losses were caused by Keydata. The second category relates to potential tax liabilities arising from those Keydata investments that were incorrectly promoted as ISAs. In particular, we are trying to establish which categories of claim we are likely to be able to consider, and the correct approach to assessing those claims.
Although we are not able to say at this time when we will be in a position to confirm whether we are able to step in to help Keydata investors, we will provide investors with further updates on significant developments as they occur. We currently anticipate being able to confirm whether or not we are likely to be able to help in November, if not before.
We would like to assure investors that we are working hard to determine the extent of our involvement in relation to Keydata as quickly as possible, and thank investors for their patience as we work through this complicated process.

    Previous Keydata update
    Frequently Asked Questions about the FSCS and Keydata
    Details about the Administrators' investigations on PwC's website
    Keydata's dedicated helpline: 0844 391 3412
]]>
</description>
				<guid>news_2009_09_008</guid>
				<pubDate>Wed, 30 Sep 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Payment Protection Insurance (PPI) claims</title>
				<link>http://www.fscs.org.uk/news/2009/september/payment-protection-insurnews-2009-09-009/</link>
				<description><![CDATA[When we receive a completed PPI claim Application Form, we have to obtain information from third parties to help in our assessment. Sometimes this can slow things down, but we are working closely with these third parties to keep delays to a minimum and are already making payments on some claims.
It is essential that claimants provide us with as much relevant information as possible when submitting their claim. For example, you may have changed your loan or PPI policy arrangements since making your claim and we will need details of these changes. Even after submitting your claim we would welcome any subsequent information you feel may be relevant.
Our aim is to deal with claims within 6 months of receiving a completed Application Form, or declaring the advising firm to be in default, whichever is later. Unfortunately, some claims are now outside of this 6 month target, but please be assured we are doing everything we can to resolve all claims as quickly as possible.
We will contact you on completion of your claim, or if we have any questions. If you want any further information in the meantime please don't hesitate to contact us.]]>
</description>
				<guid>news_2009_09_009</guid>
				<pubDate>Tue, 29 Sep 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Deposit Compensation - Information on Tax</title>
				<link>http://www.fscs.org.uk/news/2009/september/deposit-compensation-inews-2009-09-010/</link>
				<description><![CDATA[A recent change in tax law has clarified that where a compensation payment from FSCS includes an element representing interest and that compensation is paid after 6 October 2008 the interest element of the compensation is considered declarable income.
People completing tax return forms either because they are able to reclaim tax that has been deducted from interest or because they are liable to pay further tax on interest will need the following three figures relating to their compensation claim when filling in their tax return:

    The gross interest element
    The amount treated as if it were tax already deducted from the interest
    The net amount paid that relates to interest

Icesave customers who are eligible to pay tax on the interest they earn on their account were sent a letter containing the above information in June this year. The FSCS are now sending letters providing the above figures to customers of Kaupthing, Singer &amp; Friedlander and London Scottish Bank who have received compensation. Letters are also being sent to Icesave Fixed Rate Savings Account holders who chose to take compensation at maturity of their account and who have received compensation.
As ISAs are tax free, consumers who have received compensation for an ISA will not be affected by this tax law change.
If you have any questions about your tax status please contact HMRC. More information on who will be affected by the taxation change can be found on the HM Revenue and Customs website. If you require any further information please contact us.]]>
</description>
				<guid>news_2009_09_010</guid>
				<pubDate>Wed, 16 Sep 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Icesave Deadline</title>
				<link>http://www.fscs.org.uk/news/2009/september/icesave-deadline/</link>
				<description><![CDATA[The FSCS has written to all Icesave customers who have yet to claim compensation inviting them to do so as soon as possible. Customers are asked to make claims to FSCS by 15 October at the latest, as this will allow us to register their claims and submit them to the Bank in Iceland by the final deadline of 30 October 2009.
If the FSCS does not receive a claim by the cut off date of 30 October, customers may not be able to claim compensation. This will also apply in respect of any payment of compensation by or on behalf of the Chancellor of the Exchequer.
Letters have also been sent to a number of existing claimants whose claims have yet to be paid requesting a power of attorney from each individual named account holder. This is to make the processing of their claim with the Bank itself easier and faster, and these are also to be returned by the preferred deadline of 15 October 2009, and certainly no later than 30 October 2009.
On 7 October 2008, the UK branch of the Bank, which operated Icesave, stopped trading and, for the purpose of claims to the FSCS, was declared to be in default by the Financial Services Authority on 8 October 2008. The FSCS provides protection for customers of authorised deposit-taking firms, such as banks, if they cannot repay deposits to their customers.
Depositors with Icesave are protected for the first part of their loss (up to &pound;16,872.99) by the Icelandic Depositors' and Investors' Guarantee Fund (the &quot;DIGF&quot;) and for the next part of their loss (up to &pound;50,000) by the FSCS. On 8 October 2008, the Chancellor of the Exchequer confirmed that all depositors with Icesave would be fully compensated for their deposits, including what they are entitled to from the DIGF and any amounts above the maximum compensation payable by the FSCS.
Read our original Icesave Invitation Email.]]>
</description>
				<guid>_j5qarmfh</guid>
				<pubDate>Mon, 14 Sep 2009 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Icesave ISA Deadline</title>
				<link>http://www.fscs.org.uk/news/2009/september/icesave-isa-deadline/</link>
				<description><![CDATA[Investors wishing to reinvest their Icesave compensation in an ISA with another provider must request a certificate from the FSCS by Wednesday 9 September.
The FSCS has already sent all Icesave ISA customers a Reinstatement Certificate enabling them to keep the tax-free status of their money and reinvest it with another provider. However there are a small number of people who need to have their certificates re-sent, either because the certificate was lost in the post or due to changes in names or addresses.
In October 2008 the Government announced that individuals who had Icesave ISAs would be allowed to reinvest compensation received from the&nbsp;FSCS in an ISA with another provider no later than 5 April 2009. This date was later extended to 5 October 2009.
Investors who have not yet received their compensation and/or their ISA certificates should therefore contact us no later than Wednesday 9 September. This will ensure that they are able to reinvest their compensation payments by 5 October 2009 and retain their ISA tax advantages.]]>
</description>
				<guid>_vq3crmfb</guid>
				<pubDate>Fri, 04 Sep 2009 00:00:00 GMT</pubDate>
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