Kaupthing Singer and Friedlander: over £145m in compensation paid

3rd April 2009

To date the FSCS has paid over £145m in compensation to customers of Kaupthing Singer and Friedlander (KSF), resolving over 4,350 accounts. This is in addition to the £2.5bn paid at the start of the process to ING Direct for the transfer of approximately 170,000 retail accounts. The FSCS is working hard to process compensation claims for customers of KSF as quickly as possible.

Claims against KSF are proving more complex than those for some of the other bank defaults but FSCS is doing all it can to process claims quickly for customers of the bank. We appreciate that customers of KSF still waiting for compensation may be anxious, and we would like to reassure them that our priority, as always, is to pay the compensation that is owed to them as quickly as possible.