Strand Capital Limited (in special administration) payment terms
Terms of payment
Please note that under this agreement you agree to assign certain of your rights to FSCS. In the event FSCS decides not to pursue recoveries using those rights, then it will, if you request so in writing, reassign those rights back to you.
By accepting payment of the compensation offered by FSCS in respect of Strand Capital Limited (In Special Administration) (“the Firm”), you agree and acknowledge as follows:
1. You are claiming compensation for losses arising as a result of FSCS-protected business with the Firm (“the Compensation Claim”).
2. You accept the offer of compensation in full and final discharge and settlement of the obligation of FSCS to pay you compensation, except that:
(a) where you accept compensation from FSCS in respect of client money held by the Firm, you may bring subsequent claims to FSCS in relation to client assets held by the Firm or negligence/mis-management by the Firm; and
(b) where you accept compensation from FSCS in respect of client assets held by the Firm, you may bring a subsequent claim to FSCS in relation to negligence/mis-management by the Firm.
You acknowledge that compensation will not exceed the limit of £50,000 across all types of claim against the Firm in aggregate
3. Upon payment of compensation by FSCS in respect of client money held by the Firm, you assign to FSCS your rights against the Firm and/or any third party in respect of the Claim, the Client Money Claim and any third party claims.
4. Upon payment of compensation by FSCS in respect of the Client Assets Claim, you assign to FSCS
(a) your rights against the Firm and/or any third party in respect of the Client Assets Claim; and
(b) any of your rights against the Firm and/or any third party in respect of the Claim, the Client Money Claim and any third party claims that have not already been assigned to FSCS under paragraph 3 above.
The following definitions apply for the purpose of these Terms of payment:
“Claim” means any right, claim or cause of action that the claimant has or may have against the Firm excluding in respect of the Client Assets Claim and in respect of the Client Money Claim.
“Client Assets Claim” means any right, claim or cause of action that the claimant has or may have against the Firm in respect of any asset excluding Client Money held by the Firm for or on behalf of the claimant.
“Client Money Claim” means any right, claim or cause of action that the claimant has or may have against the Firm in respect of Client Money held by the Firm for or on behalf of the claimant.
“Client Money” has the meaning set out in the Glossary to the Financial Conduct Authority Handbook as applicable to COMP.
5. On assigning the relevant rights to FSCS you will no longer have the right to make any claim against the Firm or any other person in respect of those rights, and the right to make any such claims will be vested in FSCS. Any sums that would otherwise be payable to you in respect of right assigned to FSCS (including any dividend or other payment in a liquidation or compromise with creditors or scheme of arrangement) or a Third Party Claim will be paid instead to FSCS.
6. You will not exercise any right or remedy that you may have or retain against the Firm or any other person arising out of, or in connection with, the Compensation Claim or any Third Party Claim, namely:
a. to rescind, set aside, avoid or otherwise alter any contract or obligation;
b. to set off, or reduce liability in respect of such a contract or obligation; or
c. any other right or remedy that is either personal to you or cannot be assigned or both.
7. If you recover any money or assets in respect of the Compensation Claim or in respect of a Third Party Claim, you will immediately notify FSCS and, on request by FSCS, you will pay or transfer all such money or assets to FSCS.
8. If the payment of some or all of the compensation should not have been made for any reason, you will immediately and fully repay to FSCS any such compensation, without any deduction or set-off, plus interest.
9. You will give all reasonable co-operation and assistance that FSCS asks you to give in connection with any investigation or pursuit by FSCS of claims corresponding to the Compensation Claim and/or of any Third Party Claim, including providing documents, providing statements, swearing statements of truth and attending court to give oral evidence. If you make or give (or have made or given) any false or misleading statement, affirmation, or other evidence, you agree to indemnify and protect FSCS against any loss, liability, expense or cost that it may incur directly or indirectly as a result. You also agree, if asked by FSCS, to become a party to any proceedings brought by FSCS in respect of claims corresponding to the Compensation Claim and/or of any Third Party Claim.
10. You will give such further help or authority that FSCS from time to time may require to give full effect to the transfer of your rights and/or claims to FSCS under and for the purpose of this agreement. If any assignment in this document is ineffective in transferring any such rights and/or claims to FSCS, then FSCS will still be entitled to benefit from those rights and/or claims and will be entitled to any proceeds of them. All such proceeds will be paid to FSCS. To the extent that any assignment in this document is ineffective in law to pass any rights, claims or causes of action to FSCS, you irrevocably and unconditionally appoint FSCS as your agent in respect of such rights, claims or causes of action and agree that FSCS may pursue or enforce them on your behalf in whatever manner it considered appropriate.
11. FSCS may give a valid receipt to any person in respect of the Compensation Claim and/or any Third Party Claim.
12. FSCS will conduct all proceedings and settlement negotiations regarding claims assigned by you reasonably and with due regard to your interests as well as its own.
13. In this document, “Third Party Claim” means any right, claim or cause of action that you have or may have against any person other than the Firm or against any fund or property in the hands of any person other than the Firm in connection with or arising out of the circumstances giving rise to the Compensation Claim or otherwise relating to the Compensation Claim, whatever the nature of such claims.
14.You agree that FSCS may at its discretion pay any compensation in relation to your Compensation Claim to you directly, to your SIPP provider for them to transfer to your SIPP account (if relevant), or to the Joint Special Administrators of the Firm where this would prevent or reduce any shortfall in your client money or client assets.
15. This agreement and assignment is without prejudice to any rights which FSCS may have or acquire against the Firm and/or any third party and to the extent that such rights conflict with the terms of this agreement and assignment, FSCS may elect, to which election you consent, which rights and claims it shall pursue.
16. To the extent necessary to give effect to any right, claim or cause of action by FSCS, this agreement and assignment shall be severable in its terms.
17. This agreement and assignment shall be governed by and understood in accordance with English law and you irrevocably accept the exclusive jurisdiction of the English courts in respect of all matters arising out of or in connection with it.
Consent to FSCS use of your personal data - Data Protection
By accepting payment of the compensation offered by FSCS in respect of the Firm:
- You consent to FSCS, and any third party acting on its behalf, collecting and processing your personal data (which may include your name, contact details and bank details) in order to handle your claim for compensation or pursue recovery proceedings or otherwise for the proper exercise of its statutory functions or to comply with legal or regulatory requirements.
- You agree that FSCS, and any third party acting on their behalf, may obtain your personal data from relevant third parties (such as the relevant firm in default and/or its insolvency practitioner) in order to process your claim for compensation or pursue recovery proceedings or otherwise for the proper exercise of their statutory functions or to comply with legal or regulatory requirements.
- You authorise such relevant third parties to release such personal data to FSCS, Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) or any successors to them and any third parties acting on their behalf.
- In addition, you agree that this may include obtaining, processing and disclosing of your personal data by FSCS to, or to FSCS by:
i. the FCA and the PRA and any successors to them and third parties acting on their behalf to assist them in carrying out their statutory functions or otherwise to comply with legal or regulatory requirements; and/or
ii. the Financial Ombudsman Service (“FOS”) where FSCS considers it would assist the FOS in carrying out their functions in helping to resolve complaints and/or the FSCS in resolving claims for compensation swiftly or pursuing recovery proceedings, for example ensuring there is no double payment or otherwise to comply with legal or regulatory requirements.
- You agree that FSCS, FCA and PRA or any successors to them may outsource its statutory functions in processing your claim for compensation or pursuing recovery proceedings to carefully selected third parties. This may involve the sharing of your personal data between FSCS, FCA, PRA and such third parties.
Explanations applying to the Consent: FSCS means the Financial Services Compensation Scheme Limited and includes its officers, employees, servants and agents. The FCA and/or PRA may act as agent of FSCS or on its own behalf. Personal data has the meaning set out in section 1(1) of the Data Protection Act 1998.
By accepting payment of compensation offered by FSCS in respect of the Firm, you make the following declarations:
- that you were not responsible for, nor contributed to, the Firm’s default;
- that you were not a director of the Firm as at the date of the Firm’s default;
- that you do not owe any liability to the Firm;
- that you have not received any compensation of any kind in respect of the Compensation Claim (other than compensation from FSCS);
- that none of the investment which gives rise to your claim was acquired in the course of money laundering or in any way comprised of or connected to the proceeds of crime;
- that your claim against the Firm is not subject to any charge, lien, trust, assignment, negative pledge or other encumbrance or right in favour of any third party (including, but not limited to, the selling of your debt in respect of the Firm to any third party);
- that you are duly authorised to give valid receipt for any compensation paid and to agree to the terms for the offer and payment of compensation, including the assignment of your claim to FSCS.
 under the rules of the Financial Services Compensation Scheme made by the FSA or its successor(s) and/or the provisions of the Financial Services and Markets Act 2000, the Banking Act 2009 and the Financial Services Act 2010, the Financial Services Act 2012 and all subordinated legislation made under any of these statutes (in all cases, as amended).