First payments have been sent to MF Global account holders
19th April 2012
FSCS has so far paid more than £130,000 to customers of MF Global UK Limited. We will continue making payments as claimants return their applications forms and we assess their claims.
FSCS has now sent application forms for compensation to all known MF Global UK Limited account holders, and is urging any customers of the firm who have not yet done so to complete and return their application forms as soon as possible.
Customers should be aware that FSCS cannot process claims until claimants have also agreed their balances with KPMG, the special administrators of MF Global UK Limited. Once balances have been agreed, the special administrators will provide this information to FSCS, to allow FSCS to assess the claims and make payments to eligible claimants.
To ensure money is returned to customers as soon as practicable FSCS is making all compensation payments in British pounds (GBP), converting any US dollar balances provided by KPMG as at the date the firm failed. All payments are being made by cheque.
In some cases where positions were liquidated after 31 October 2011, customers of MF Global will receive two balances from KPMG to agree. Provided customers agree to both balances, interim distributions made by KPMG and payment by FSCS will be based on the lower of these two balances.
FSCS will provide any further updates on its website when it is in a position to do so.