Because Southsea Mortgage and Investment Company Ltd was authorised by the UK regulator when it was declared in default, any savings you have with this bank are protected by the Financial Services Compensation Scheme (FSCS). This means you are eligible for compensation from the FSCS of up to £85,000.
No. If you had an ISA account with the firm, you will shortly receive a certificate from the insolvency practitioner showing the balance you had saved in your ISA on 16 June. This will enable you to open a new ISA with another ISA manager of your choice.
We will pay compensation of up to £85,000 per customer (in a joint account each customer is entitled to up to £85,000).
Anyone with mortgages or loans from Southsea Mortgage and Investment Company Ltd should continue to make repayments and service their debts in the normal way. The insolvency practitioner will contact those customers in due course to explain how loan and mortgage repayments will be handled in future.
You do not need to do anything. We will automatically send you compensation based on the account information we receive from Southsea Mortgage and Investment Company Ltd.
For the vast majority of claims we will aim to pay compensation within seven days from the date the bank went into insolvency (16 June 2011). We will aim to settle any complex claims that may require further investigation within twenty working days.
The FSCS will keep customers of the bank informed, providing regular updates on its website at www.fscs.org.uk as necessary. You can also contact our customer services team on 0800 678 1100.
The FSCS will receive information from the insolvency practitioner, which will detail your individual account balance. The amount of compensation you receive will be the balance on your account as at the date the bank went into insolvency (16 June 2011), and any interest earned on your account up to the close of business on 15 June 2011.
The FSCS is not in a position to make electronic money transfers to other banks. We will make payments by cheque and will send your compensation to you automatically. You do not need to apply for compensation.
No. The FSCS will not offset any of the money you owe Southsea Mortgage and Investment Company Ltd against your savings. The FSCS will pay compensation to customers of the bank for the savings they have.
We will be using the address that Southsea Mortgage and Investment Company Ltd had for you on their system. If you did not notify the bank of your change of address before it went into insolvency, or you notified the bank of this change but did not receive confirmation from them that their records had been updated before it became insolvent, we need to see evidence of your change of address before any payment can be sent to a different address. This could be in the form of a recent copy of an official document. For example, a council tax bill, a utility bill (we will not accept a mobile phone bill) or a bank statement.
If the Estate has already banked the compensation cheque, you do not need to take any further action. If the Estate has not received the compensation, you will need to send us the original or certified copies of the Death Certificate and Grant of Probate before any payment can be made.
If you disagree with the amount of compensation paid, you should not bank the cheque. Please return the cheque to us and provide evidence in support of your position. We will then review your case.