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Latest news about Pacific Continental Securities (UK) Limited (28 January 2009)

Kaupthing Singer and Friedlander: progress update (23 January 2009)

FSCS continues to process compensation claims from people who had savings in Kaupthing Singer and Friedlander (KSF).

So far the Scheme has made over 1,000 payments to people who had money with the bank. We are making slower progress than originally anticipated because we need to reconcile all the accounts and associated data before a payment is made. We would like to thank KSF customers for their patience and ask them to bear with us as we work through their claims.

The FSCS is aiming to pay claims as quickly as possible and within six weeks of receiving a completed application form whenever possible. The FSCS expects to make up to 1,000 more payments by the middle of next week.

New figures from the liquidators suggest that the FSCS will have to deal with more than 7,000 payments, which is more than originally envisaged.

Heritable Bank: progress update (23 January 2009)

The FSCS is processing claims from customers of Heritable Bank as they come in. Out of a total of 434 possible claims, the Scheme has completed 259, and another 56 will be completed by the end of the week. It has paid out approximately £6.5m already. If you have been sent an application form and have not yet returned it to us, please do so as soon as you can.

Icesave update for holders of fixed term deposits (9 January 2009)

Since our update yesterday, it has come to our attention that a small minority of forms for claimants who elected to wait until after maturity to receive their compensation for fixed term deposits did not go out as originally planned and these will be going out early next week. We are sorry for any inconvenience or confusion.

Anyone who has not received their form by a week on Monday (19 January) should call our Customer Services Team.

Icesave paper application process: update (8 January 2009)

The electronic payout process for Icesave claims closed at 6pm on 30 December 2008.

Prior to this, as at 21 November 2008, the FSCS had sent out approximately 16,000 paper application forms to those people who it was apparent could not use the electronic process (for example, because they did not have a nominated account). Of these, we have received back just under 15,000 completed application forms.

In addition, during December 2008 the FSCS sent out approximately 1,000 forms to those Icesave customers who were identified in November as unable to complete the electronic process due to issues on their Icesave accounts, such as having an account with an unresolved balance or having an account where the cheque had not cleared so the new account was not yet set up. Of these, so far the FSCS has received around 650 completed application forms.

As at 19 December 2008 the FSCS had sent out approximately 18,000 paper application forms to those fixed rate savings account holders who had completed the electronic process on or before 9 December 2008 and had chosen to take their compensation at the maturity date of their account. Of these, we have received back just over 10,000 completed application forms.

We have started to process the application forms that have been returned and are working hard to pay claims within six weeks of receiving them back from claimants, and more quickly wherever possible.

More work to be done

Before the end of this week, the FSCS will be sending approximately 7,000 forms to Icesave customers who were eligible to use the electronic process but who did not claim back their money using that route, and 100 forms to those who had been sent a cheque from Icesave prior to its closure but where the cheque did not clear. In addition, by the end of next week, the FSCS will send approximately 2,600 forms to those fixed rate savings account holders who had completed the electronic process on or after 10 December 2008 and had chosen to be paid their compensation after the maturity date of their account.

What you should do if you haven't or don't receive a form

If you believe your form is one we have already sent but it hasn't arrived, you should contact our Customer Services Team who will arrange for a duplicate form to be sent to you.

If you are an Icesave customer whose form will be going out over the next ten days, and you don't receive it by 19January 2009, you should contact our Customer Services Team who will arrange for a duplicate form to be sent to you.

Our aim is to ensure that every Icesave customer who is eligible to receive compensation from us is given an opportunity to make a claim. If you believe you do not fall into one of the groups outlined here, please contact our Customer Services Team who will arrange for a form to be sent to you.

Icesave electronic process closed (31 December 2008)

The electronic payout process for Icesave claims closed at 6pm yesterday. Those eligible to claim online who have not yet claimed compensation - approximately 7000 people - will be sent a short application form in the New Year which they will need to complete to claim compensation from the FSCS. FSCS aims to process all Icesave claims within six weeks of receiving a completed application form and more quickly where possible.

Anyone who has not received an application form by 16 January should call our helpline on 020 7892 7300. Alternatively if you have an enquiry regarding your Icesave compensation you can email enquiries@fscs.org.uk.

About us

FSCS is the UK's compensation fund of last resort for customers of financial services firms authorised by the Financial Services Authority or previous financial regulators. This means that FSCS can pay compensation to consumers if an authorised financial services firm is unable, or likely to be unable, to pay claims against it and so is in "default."

FSCS protects:

Deposits
Life and general insurance firms
Investment business (on or after 28 August 1988)
Home finance (e.g. mortgage) advice and arranging (on or after 31 October 2004)
General insurance policies advice and arranging (on or after 14 January 2005)

There are limits on the amount of compensation that we can pay.

How to claim

Can we help with your claim?

Why not try our Can we Help? flowchart to help you find out whether FSCS may be able to help with your claim.

You can also download a copy of our consumer guide, How we can help, which contains a print version of the flowchart and provides more information about our role and how we may be able to help with claims for compensation.