11th December 2009
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:
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:
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.