View more on these topics

FSCS clarifies no deadline for SLS claims after blunder

The Financial Services Compensation Scheme has confirmed it will not enforce a time limit for the return of applications for Keydata Category one (SLS) claims, after it sent a letter to investors stating forms had to be received by May 7.

The FSCS sent a letter to investors on March 18 notifying them that completed application forms had to be received by May 7 for a claim to be considered. The letter, seen by Money Marketing, said: “This letter is to notify you that if we do not receive a completed application form by 7 May 2010 we will take that as meaning you do not wish to make a claim against Keydata Investment Services Limited and we will close our file.”

The communication raised concern among some investors who have been waiting for more clarity from FSCS on compensation before submitting a claim.

FSCS has clarified that it will not enforce a strict deadline for the return of forms. 

In correspondence to advisers the FSCS says: “there is no strict deadline for the return of application forms for this category of claim – we will continue to consider any claim received going forward. However, claimants should remain mindful of potential limitation / time barring issues, which would be particular to their own claim.” 

John Joseph Financial Services principal John Joseph says: “The members of the creditors committee and the IFA community would like to thank the FSCS for coming to its senses in respect of the time limit letter they sent out by error.” 


Four-year freeze poses IHT threat

The last Budget of this Parliament has frozen the inheritance tax nil-rate band for the next four years which will mean that more estates will suffer an inheritance tax charge on death. In the 2009 pre-Budget report, Chancellor Darling said he would introduce legislation in 2010 to freeze the limit of the inheritance tax nil-rate […]


The need for collective strength

The title of this magazine sums up the major changes needed by advisers if they are to prosper in the future. You may note that I have not mentioned RDR and why should I? The RDR is a catalyst. It’s not the sole reason that advisers and, more importantly, their firms have to change. We […]

Artemis Monthly Distribution Fund: positioning and outlook

Managers James Foster and Jacob de Tusch-Lec outline the fund’s investment approach and discuss current investment themes and outlook for the bond and equity markets. As James and Jacob confirm, the Artemis Monthly Distribution Fund’s aim is to generate an income from both equities and bonds. They explain their investment approach in each asset class, the sectors where they are […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. It is now March 29 and I have received no form dated March 18

Leave a comment