9th December 2011
Customers of MF Global UK Limited can expect to receive an application form from the FSCS to make a claim for compensation in the coming weeks.
The firm was placed into the special administration regime at the end of October, and since then the FSCS has been working closely with the FSA and the administrators KPMG, to understand the potential impact on customers of the firm.
The FSCS now expects some customers of the firm may have eligible claims, and is working with KPMG to establish the required data relating to claimants’ accounts. The FSCS will adopt a phased approach to mailing its Application Forms to the various categories of client. Progress on this mail out will be regularly updated on the FSCS website.
Mark Neale, Chief Executive of the FSCS, said: “We are very close to being in a position to start sending application forms to relevant retail customers of MF Global who may have claims. Once customers receive their application form from us, we ask that they complete it and return it as soon as possible.”
The Scheme will process completed application forms as it receives them. However, there may be delays in dealing with some claims where additional information is required from KPMG.
The FSCS is aware that the administrator will be sending client and creditor claim forms to customers of the firm within the next few days. This is a separate and parallel process and does not affect a customer’s ability to apply to the FSCS for compensation. The FSCS is encouraging customers of the firm to complete those forms and return them to the administrator as soon as possible. This will help both the administrators and the FSCS to process claims.
The FSCS will keep customers of MF Global UK Limited informed about its process by providing a further update on its website when it is in a position to start sending out application forms.
In relation to investment claims against the firm, the FSCS can pay up to £50,000 in compensation per person.