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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.” 

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

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