FSCS Litigation

26th February 2013

The FSCS is aware of recent media reports purporting to describe the terms of a confidential settlement entered into between FSCS and Lighthouse (and its Appointed Representatives) in connection with Keydata. The terms of that settlement are and remain confidential.  Neither FSCS nor Lighthouse nor its Appointed Representatives can confirm the details or comment on the substance of their negotiations. However, the FSCS wishes to make clear that the information in this report is materially incorrect and misleading.

As the industry will be aware, the FSCS is pursuing claims against a large number of firms in connection with Keydata. We have agreed numerous settlements with firms, all of which are confidential. Where we have not agreed a settlement with firms, FSCS is committed to pursuing recoveries through these proceedings to fulfil its obligations to pursue recoveries where possible.