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AITC says splits fund will help hardest-hit investors

The AITC says its foundation fund should ease the financial hardship being suffered by the hardest-hit victims of collapsed split-capital investment trusts despite raising far less than expected.

It says fewer people than feared are suffering acute financial pain as a result of failed splits, giving it hope that the fund, which is believed to have raised just one-fifth of its target of £10m, will cover all applications for help.

However, the AITC refuses to disclose how many people have approached it for help or exactly how much has been donated to the fund by splits providers.

It admits it is surprised by the relatively small number of applicants, who must have £16,000 or less in savings to qualify for a payout, but denies that the reason is lack of knowledge about the fund. As evidence, it points to the information about the fund on the AITC and FSA websites as well as extensive media coverage, especially in the national press.

PR executive Jemma Jackson says: “Judging by the amount of attention it has got, I do not think it is a question of people not realising. There just seems to be less people suffering hardship than we thought.”

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