Pacific Continental Securities (UK) Limited
28th January 2009
Pacific Continental Securities (UK) Limited went into administration on 20 June 2007 and was subsequently placed into liquidation on 21 March 2008.
Pacific Continental Securities (UK) Limited has now been declared in default. This 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 and allows us to pay compensation to consumers with eligible claims against the firm.
How to make a claim for compensation
Since the declaration of default, the FSCS has written to all investors who have previously indicated to either the FSCS or the liquidators of Pacific Continental Securities that they wished to make a claim.
If you have not received an FSCS Application Form by 10 February 2009 and would like to make a claim, please contact us to confirm the details of your claim. We will then send you an Application Form. In addition to completing an FSCS Application Form you will be asked to provide the information we need to reach a decision on your claim. This will include copies of all relevant documents you hold in support of your claim: correspondence, statements, contract notes and other documentation you were sent by Pacific Continental Securities. We will be able to start investigating your claim when we receive a completed FSCS Application Form.
If you have previously completed an FSCS Application Form, you do not need to do anything more at this time. We will contact you again if we require any further information or to confirm a decision reached on your claim.
How long will claims take to process?
FSCS will deal with all claims as quickly as it can. Once a firm has been declared in default we aim to complete the majority of claims within six months from receipt of a completed Application Form. If it becomes apparent that we will not be able to deal with your claim within this timescale, we will let you know. We anticipate dealing with the majority of Pacific Continental Securities claims within six months of receiving applications.
Financial Services Authority's warning about 'recovery room' firms
The Financial Services Authority (FSA) published a warning in August 2008 about 'recovery room' firms who have been contacting investors who bought shares through Pacific Continental Securities. The FSA warns you against paying money to such firms.
About the 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.
For claims relating to investment business, FSCS can pay up to £48,000 compensation to an individual. This is calculated as 100% of the first £30,000 and 90% of the next £20,000.
You do not need to claim through a solicitor, accountant or anyone else. Bringing a claim direct to FSCS will not cost you anything. If you do decide to instruct someone to act for you, we will not be able to pay their fees.