23rd October 2013
Following FSCS’s success in facilitating the sale by the Trustees of assets underpinning the Lifemark bonds, FSCS has made payments to the majority of FSCS claimants with Lifemark losses over £30,000. The payments amounted to up to 6.5% of a claimant’s compensatable loss, and were funded by two initial distributions from the Trustee of Lifemark SA.
The Trustee has recently received clarification from the Court, and FSCS is now reviewing the amounts it has paid to affected claimants. As a result, further balancing payments may be due to most, if not all, of the affected claimants. Future distributions from the Trustee will be calculated using the method specified by the Court.
There are still some claimants who are yet to receive a payment from FSCS because of the complex nature of the calculations. FSCS is working through the calculations and expects to make payments to the remaining claimants during November.
You can find more information about the calculation process in our statement.