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39,500 Seeking split-cap redress

The company set up to process split-cap compensation claims received 39,500 completed application forms by the July 18 deadline.

Forms were distributed at the end of April by Fund Distribution, which expected to get around 50,000 applications.

Fund commissioner Mike Ellis says the applications will now be assessed to determine eligibility for compensation.

Investors suffering aggregate losses over 250 from eligible funds will be offered compensation in the autumn. The amount they receive will be reduced by any payments already received in mitigation of their losses.

Twenty firms paid 144m into the fund after it was set up in December 2004. Investors must waive rights to pursue future claims although some investors are thought to be keen to pursue separate legal claims.

Ellis says: “To get 39,500 applications in three months from a standing start is phenomenal. We now have a big task of processing ahead of us.”

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