<?xml version="1.0"?>
<?xml-stylesheet title="XSL_formatting" type="text/xsl" href="http://www.fscs.org.uk/css/rss.xsl"?>
<rss version="2.0">
	<channel>
		<title>FSCS: News</title>
		<link>http://www.fscs.org.uk/news/</link>
		<language>en-us</language>
			<item>
				<title>No plans to change current investment limit of &#163;50,000</title>
				<link>http://www.fscs.org.uk/news/2010/september/no-plans-to-change-current-in-qhb885k7-3/</link>
				<description><![CDATA[Recent reports in the media have suggested that the FSCS plans to cut the compensation cover for investments. This is inaccurate. The FSCS has no plans to reduce compensation protection for investments as suggested, nor is it able to do so. The rules that the FSCS applies when assessing clams are made by the Financial Services Authority (FSA). These include rules that set the FSCS compensation limits. The FSCS cannot depart from these rules.
The FSCS compensation limit for investment claims is currently &#163;50,000 per person, per authorised firm. The European Commission is considering harmonisation of compensation limits across Europe to &#8364;50,000 for investment claims. This proposal is currently set out in a draft directive which is subject to debate amongst Member States.&#160; A final decision has not yet been made by the Commission. 
&#160;]]>
</description>
				<guid>_tnehc5kp</guid>
				<pubDate>Tue, 21 Sep 2010 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Speedy FSCS payout to members of Hull East of the River Credit Union Limited</title>
				<link>http://www.fscs.org.uk/news/2012/january/speedy-fscs-payout-to-members-o-uwunw3wh/</link>
				<description><![CDATA[Savers with Hull East of the River Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.
The FSCS aims to pay most savers within seven days of a bank, building society or credit union being declared in default. In the case of Hull East of the River Credit Union Limited, which was declared in default on 16 January 2012, compensation was paid in respect of the majority of claims within 4 days. Where possible, the FSCS expects to pay the remaining claims within 20 working days.
The FSCS has paid out a little over &pound;89,000 in compensation to members of the credit union.]]>
</description>
				<guid>_uwunw3wh</guid>
				<pubDate>Wed, 25 Jan 2012 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>&#163;41 million challenge: how can British lottery winners protect their jackpot?</title>
				<link>http://www.fscs.org.uk/news/2012/january/41-million-challenge-how-yt5v73wf/</link>
				<description><![CDATA[Millions dream of how a massive lottery win could change their life and allow them to buy anything they want. So Gareth and Catherine Bull, the British winner s of the Euro Millions lottery jackpot on Friday 20 January, will be the envy of the nation after scooping a mammoth &pound;41 million. But they will face an unusual problem, according to the Financial Services Compensation Scheme (FSCS).
Winning so much cash should make life easier but the FSCS says Mr and Mrs Bull face an unexpected conundrum&nbsp;- how to keep their money safe while working out what to do with it.
The FSCS protects up to &pound;85,000 of savings deposited in an authorised commercial bank, building society or credit union. Or it will cover up to &pound;170,000 for joint accounts per authorised institution. That means that the lucky winners will need nearly 240 joint-accounts, in separately authorised institutions, to remain within the limit.
Mark Neale, Chief Executive of the FSCS, said: &ldquo;In these tough times, it is vital to keep your money safe. And winning &pound;41 million means Mr and Mrs Bull face a problem many would love to have.
&ldquo;The FSCS protects your money in banks, building societies and credit unions authorised by the Financial Services Authority. People with large amounts of cash should remember to always try to keep within the &pound;85,000 FSCS deposit limit, or &pound;170,000 for joint accounts. To ensure their jackpot is safe, Mr and Mrs Bull should consider spreading their money around.&rdquo;
The FSCS, which is free to consumers, has helped 4.5 million people and paid more than &pound;26 billion in compensation since 2001.]]>
</description>
				<guid>_yt5v73wf</guid>
				<pubDate>Tue, 24 Jan 2012 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Members of Hull East of the River Credit Union to receive compensation within the next week</title>
				<link>http://www.fscs.org.uk/news/2012/january/members-of-hull-east-of-the-riv-rnfmuwvw/</link>
				<description><![CDATA[Members of Hull East of the River Credit Union Limited can expect to receive compensation from the Financial Services Compensation Scheme (FSCS) in the next seven days. The credit union was declared in default today, 16 January 2012.
The FSCS is working with the credit union to get the information it needs to pay back depositors quickly, and will aim to pay compensation to the vast majority of members within seven days. Any remaining claims, which are likely to be more complex, will be paid by the FSCS within twenty working days.
In the case of recent credit union failures, the FSCS has paid the vast majority of people compensation within two or three days. When the Southsea Mortgage and Investment Company (a bank) went bust in September 2011, cheques were sent the day after the failure.
Hull East of the River Credit Union Limited has approximately 560 members with accounts totalling some &pound;94,170. Declaring the credit union in default means the Scheme is satisfied it is unable, or likely to be unable, to pay back its members&rsquo; deposits.
Members of the credit union will be entitled to compensation of up to &pound;85,000 each, and will not need to complete an application form to make a claim. Once the FSCS has the information it needs about each member&rsquo;s account, it will make compensation payments automatically. In most cases, compensation will be paid by cash over the counter through Post Offices for amounts under &pound;1,000 and by cheque for anything above that figure.
The FSCS will provide a further update on its website by 23 January 2012.]]>
</description>
				<guid>_rnfmuwvw</guid>
				<pubDate>Mon, 16 Jan 2012 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Speedy FSCS payout to members of Handsworth Breakthrough Credit Union Limited</title>
				<link>http://www.fscs.org.uk/news/2012/january/speedy-fscs-payout-to-members-o-nfxsquvv/</link>
				<description><![CDATA[Savers with Handsworth Breakthrough Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.
The FSCS aims to pay most savers within seven days of a bank, building society or credit union being declared in default. In the case of Handsworth Breakthrough Credit Union Limited, which was declared in default on 5 January 2012, compensation was paid in respect of the majority of claims within 4 days. Where possible, the FSCS expects to pay the remaining claims within 20 working days.
The FSCS has paid out a little over &pound;203,000 in compensation to members of the credit union.]]>
</description>
				<guid>_nfxsquvv</guid>
				<pubDate>Fri, 13 Jan 2012 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>New legislation allows credit unions to grow their membership</title>
				<link>http://www.fscs.org.uk/news/2012/january/new-legislation-allows-credit-u-fuv2ay2w/</link>
				<description><![CDATA[Changes to the Credit Union Act came into force yesterday (8 January), removing the requirements that place a restriction on credit union membership. The changes will not impact on the protection FSCS provides credit union members which will remain at &pound;85,000 per person.
Credit unions will still have a &lsquo;field of membership test&rsquo; to ensure that members have a common bond, but crucially credit unions will be able to provide services to a number of groups. This will allow them to offer membership to a wider range of people in the community.
The new legislation also means that for the first time, credit unions can provide services to businesses, community groups and social enterprises. They will also be able to offer interest on savings, instead of paying dividends to members and will be able to charge for additional services.
Mark Neale, FSCS Chief Executive says: &quot;Credit Unions are an integral part of our financial system and provide beneficial financial support to their members. These changes will strengthen credit unions by giving them the opportunity to expand and will make them more accessible to individuals in the community that may not otherwise have access to financial support.&quot;
For more information please see Association of British Credit Unions Limited&rsquo;s website or the full Legislative Reform.]]>
</description>
				<guid>_fuv2ay2w</guid>
				<pubDate>Mon, 09 Jan 2012 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Members of Handsworth Breakthrough Credit Union Limited can expect to receive compensation within the next week</title>
				<link>http://www.fscs.org.uk/news/2012/january/members-of-handsworth-breakthro-8vxcipvi/</link>
				<description><![CDATA[Members of Handsworth Breakthrough Credit Union Limited can expect to receive compensation from the Financial Services Compensation Scheme (FSCS) in the next seven days. The credit union was declared in default today, 5 January 2012. Declaring the credit union in default means the FSCS is satisfied it is unable, or likely to be unable, to pay back its members&rsquo; deposits.
The FSCS is working with the credit union to get the information it needs to pay back depositors quickly, and will aim to pay compensation to the vast majority of members within seven days. Any remaining claims, which are likely to be more complex, will be paid by the FSCS within twenty working days.
Handsworth Breakthrough Credit Union Limited has approximately 365 members with accounts totalling some &pound;206,000.00. Members of the credit union will be entitled to compensation of up to &pound;85,000 each, and will not need to complete an application form to make a claim. Once the FSCS has the information it needs about each member&rsquo;s account, it will make compensation payments automatically. In most cases, compensation will be paid by cash over the counter through Post Offices for amounts under &pound;1,000 and by cheque for anything above that figure.
Members of the credit union with ISA accounts will not lose their tax-free status. The FSCS expects those members to be sent a certificate showing the balance they had saved in their ISA on the date the credit union was declared in default. This will enable those members to reinvest their funds with another ISA manager of their choice.
The FSCS will provide a further update on its website by 13 January 2012.]]>
</description>
				<guid>_8vxcipvi</guid>
				<pubDate>Thu, 05 Jan 2012 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Customers of MF Global UK Limited will be sent claims forms imminently</title>
				<link>http://www.fscs.org.uk/news/2012/january/customers-of-mf-global-uk-limit-27w5vnv0/</link>
				<description><![CDATA[Private customers of MF Global UK Limited with an individual account only will be sent an application form from the FSCS to make a claim for compensation, within the next few days.
The FSCS has been working with KPMG, the administrators of MF Global UK Limited, to obtain the required data relating to customers&rsquo; accounts, and is now in a position to start mailing its application forms. The FSCS is adopting a phased approach to the mailing to the various categories of customer, and is currently in the process of sending application forms to private individuals. Application forms for corporate accounts held with MF Global will be sent once we receive the necessary information and balances from KPMG. We expect these application forms to be sent by the end of February.
When customers receive an application form they should complete it as fully as possible, and return it using the envelope provided with copies of any documentation they consider relevant to their claim. If customers have a private individual account with MF Global, and haven&rsquo;t received an FSCS application form by the 23rd January 2012, please contact the FSCS directly.
Mark Neale, FSCS Chief Executive says, &ldquo;Although we will not be able to complete claims until KPMG is able to confirm account balances, we want to assure customers of MF Global that we are working with KPMG to ensure eligible claimants are compensated as quickly as possible.&rdquo;
The FSCS will continue to keep customers of MF Global UK Limited informed about its progress by providing a further update on its website when it is in a position to do so.
In relation to investment claims against the firm, the FSCS can pay up to &pound;50,000 in compensation per person.

    Frequently asked questions about MF Global UK Limited
]]>
</description>
				<guid>_27w5vnv0</guid>
				<pubDate>Wed, 04 Jan 2012 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>CF Arch Cru Update</title>
				<link>http://www.fscs.org.uk/news/2011/december/cf-arch-cru-update/</link>
				<description><![CDATA[In our last update on 20 July 2011 we explained that we were considering the role of independent financial advisors in connection with advice to invest in CF Arch cru Funds. We also explained that we were determining an appropriate basis for valuing the investments in these funds in the event that we conclude that investors are entitled to receive compensation under the FSCS&rsquo;s rules.
Our work in these two areas continues and we are not yet therefore in a position to confirm how the FSCS will assess claims in relation to the CF Arch cru Funds.&nbsp;As soon as we are able to provide more definite information we will update claimants but in the meantime please be assured that we are working to progress matters as quickly as we can.
In the meantime Capita Financial Managers Limited and the FSA have announced details of the CF Arch cru Funds payment scheme (&ldquo;the payment scheme&rdquo;) under which a &pound;54m package has been prepared in order to make payments to eligible investors in the CF Arch cru Funds. This is in addition to Capita&rsquo;s winding down of the CF Arch cru Funds, the proceeds of which are due to be paid to investors. The FSCS is not a party to these arrangements. However we have provided answers to a number of frequently asked questions in order to give some guidance on the FSCS&rsquo;s position in relation to the payment scheme.
The FSA has also issued a bulletin regarding CF Arch cru on 29 November 2011 on its website.
FSCS will issue further updates when we have more information.
Further information

    Q&amp;As about CF Arch Cru Payment Scheme
]]>
</description>
				<guid>_0c8s0iv3</guid>
				<pubDate>Wed, 28 Dec 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Update for customers of MF Global UK Limited</title>
				<link>http://www.fscs.org.uk/news/2011/december/update-for-customers-of-mf-glob-94jtb5vy/</link>
				<description><![CDATA[Customers of MF Global UK Limited can expect to receive an application form from the FSCS to make a claim for compensation in the coming weeks.
The firm was placed into the special administration regime at the end of October, and since then the FSCS has been working closely with the FSA and the administrators KPMG, to understand the potential impact on customers of the firm.
The FSCS now expects some customers of the firm may have eligible claims, and is working with KPMG to establish the required data relating to claimants&rsquo; accounts. The FSCS will adopt a phased approach to mailing its Application Forms to the various categories of client. Progress on this mail out will be regularly updated on the FSCS website.
Mark Neale, Chief Executive of the FSCS, said: &ldquo;We are very close to being in a position to start sending application forms to relevant retail customers of MF Global who may have claims. Once customers receive their application form from us, we ask that they complete it and return it as soon as possible.&rdquo;
The Scheme will process completed application forms as it receives them. However, there may be delays in dealing with some claims where additional information is required from KPMG.
The FSCS is aware that the administrator will be sending client and creditor claim forms to customers of the firm within the next few days. This is a separate and parallel process and does not affect a customer&rsquo;s ability to apply to the FSCS for compensation. The FSCS is encouraging customers of the firm to complete those forms and return them to the administrator as soon as possible. This will help both&nbsp; the administrators and the FSCS to&nbsp; process claims.
The FSCS will keep customers of MF Global UK Limited informed about its process by providing a further update on its website when it is in a position to start sending out application forms.
In relation to investment claims against the firm, the FSCS can pay up to &pound;50,000 in compensation per person.]]>
</description>
				<guid>_94jtb5vy</guid>
				<pubDate>Fri, 09 Dec 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Northern Rock and Virgin Money savers reassured on compensation limits</title>
				<link>http://www.fscs.org.uk/news/2011/november/northern-rock-and-virgin-money-tfhicquf/</link>
				<description><![CDATA[Following the Chancellor&rsquo;s announcement that Northern Rock is being sold to Virgin Money, the Financial Services Compensation Scheme is issuing guidance to those savers who currently have money with both institutions.
From 1 January 2012, when the sale goes through, both organisations will maintain separate banking licences. This means that savers who have money with both banks will be covered up to the existing compensation limits for each.
Mark Neale, Chief Executive of the FSCS, said: &quot;The FSCS protects money in banks, building societies and credit unions authorised by the Financial Services Authority. Those people who have money with both Northern Rock and Virgin Money can be reassured that the two brands will operate under different banking licences.
&ldquo;Those with large amounts of cash should remember to always try to keep within the &pound;85,000 FSCS deposit limit, or &pound;170,000 for joint accounts, per banking licence to protect their money. Anyone with savings above those limits should consider spreading their money around to ensure it is safe.&quot;
The FSCS has helped more than 4m people and paid more than &pound;23bn in compensation since 2001. It was set up by Government, is independent and free to consumers. Financial services firms fund the compensation scheme.]]>
</description>
				<guid>_tfhicquf</guid>
				<pubDate>Fri, 18 Nov 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>MF Global UK Limited - FSCS aware of the situation and investigating</title>
				<link>http://www.fscs.org.uk/news/2011/november/mf-global-uk-limited-fscs-awa-k1b7vcug/</link>
				<description><![CDATA[M F Global was placed into the special administration regime yesterday (31 October 2011).
The Financial Services Compensation Scheme is aware of the situation and is working with the Financial Services Authority to understand the possible impact on UK investors. It is too early at this stage to provide more detail about potential claims.
Once it knows more, the FSCS will clarify what claims it may be able to consider in relation to the firm, and how investors can claim compensation.
Mark Neale, Chief Executive of the FSCS, said: &ldquo;We are aware of the situation with the firm and will move as quickly as we can to clarify the position for UK investors. We will provide more information on our website as soon as we can.
The FSCS can compensate consumers who lose money when authorised financial services firms go bust. Since 2001, it has helped more than 4 million people and paid out more than &pound;23bn in compensation.]]>
</description>
				<guid>_k1b7vcug</guid>
				<pubDate>Tue, 01 Nov 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>FSCS steps in to protect customers of Wilmslow Financial Services PLC</title>
				<link>http://www.fscs.org.uk/news/2011/september/fscs-steps-in-to-protect-custom-u9m1gr2a/</link>
				<description><![CDATA[Customers of Wilmslow Financial Services PLC (formerly trading as Freedom Finance) can expect to receive an application form from the Financial Services Compensation Scheme (FSCS) in the next few days.
The FSCS has now declared Wilmslow Financial Services PLC in default. This means the FSCS is satisfied the firm is unable to pay claims against it. The firm&rsquo;s main activity was advising on and arranging financial products, including Payment Protection Insurance (PPI) to its customers. The FSCS is now writing to potential PPI claimants, inviting them to apply for compensation if they believe they have lost money as a result of their dealings with the firm.
For claims relating to insurance advice or arranging, the FSCS can pay 90% of any eligible claim with no upper limit, and does not charge individual consumers for using its service.
If you dealt with Wilmslow Financial Services PLC and believe you may have a claim, but have not received an application form by 31 October 2011, you should phone our dedicated helpline on 020 7007 9892. Alternatively you can phone or email the FSCS Initial Contact Team on 0800 678 1100 or 020 7741 4100, or at enquiries@fscs.org.uk.

    More information about the FSCS
]]>
</description>
				<guid>_u9m1gr2a</guid>
				<pubDate>Thu, 29 Sep 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Speedy FSCS payout to members of Gallowhill Credit Union Limited </title>
				<link>http://www.fscs.org.uk/news/2011/september/speedy-fscs-payout-to-members-o-ukk8hets/</link>
				<description><![CDATA[Savers with Gallowhill Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.
The FSCS aims to pay most savers within seven days of a bank, building society or credit union being declared in default. In the case of Gallowhill Credit Union Limited, which was declared in default on 6 September 2011, compensation was paid in respect of the majority of claims within three days. Where possible, the FSCS expects to pay the remaining claims within 20 working days.
The FSCS has paid out a little over &pound;113,300 in compensation to members of the credit union.
&nbsp;]]>
</description>
				<guid>_ukk8hets</guid>
				<pubDate>Thu, 15 Sep 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Members of Gallowhill Credit Union to receive compensation in the next seven days</title>
				<link>http://www.fscs.org.uk/news/2011/september/members-of-gallowhill-credit-un-9xp459t0/</link>
				<description><![CDATA[Members of Gallowhill Credit Union Limited can expect to receive compensation from the Financial Services Compensation Scheme (FSCS) in the next seven days, after the credit union was declared in default yesterday, 6 September 2011.
The FSCS is working with the credit union to get the information it needs to pay back depositors quickly. The FSCS will aim to pay compensation in the vast majority of cases within seven days, and pay any remaining claims, which are likely to be more complex, within twenty working days.
Gallowhill Credit Union Limited has approximately 141 members with accounts totalling some &pound;132,000. Declaring the credit union in default means the Scheme is satisfied that the credit union is unable, or likely to be unable, to pay back its members&rsquo; deposits.
Members of the credit union will be entitled to compensation of up to &pound;85,000 each, and will not need to complete an application form to make a claim. Once the FSCS has the information it needs about each member&rsquo;s account, it will make compensation payments automatically. In most cases, compensation will be paid by cash over the counter through Post Offices for amounts under &pound;1,000 and by cheque for anything above that figure.
The FSCS will provide a further update on its website by 15 September 2011.]]>
</description>
				<guid>_9xp459t0</guid>
				<pubDate>Wed, 07 Sep 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>FSCS fees Calculator 2011/12</title>
				<link>http://www.fscs.org.uk/news/2011/july/fscs-fees-calculator-2011-12/</link>
				<description><![CDATA[In April 2011 we announced the annual levy for 2011/12 as &pound;217m. Since this announcement, Southsea Mortgage and Investment Company Limited (Southsea) has been put into liquidation and is in default for the purposes of the FSCS. The FSCS compensated the majority of Southsea&rsquo;s customers within two days. The &pound;7.3m compensation required for the Southsea default was not included in the FSCS&rsquo;s original levy. The compensation amount required by the FSCS remains the same as the original forecast; therefore, the additional cost of Southsea has been added to the 2011/12 levy.
For more information please refer to the FSA fees calculator.]]>
</description>
				<guid>_mpm3cdsd</guid>
				<pubDate>Tue, 26 July 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Speedy FSCS payout to members of Lee Bank / Highgate Credit Union</title>
				<link>http://www.fscs.org.uk/news/2011/july/speedy-fscs-payout-to-members-o-1ggmsask/</link>
				<description><![CDATA[Savers with Lee Bank / Highgate Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.
The FSCS aims to pay most savers within seven days of a bank, building society or credit union being declared in default. In the case of Lee Bank / Highgate Credit Union, which was declared in default on 8 July 2011, compensation was paid in respect of the majority of claims within three days. Where possible, the FSCS expects to pay the remaining claims within 20 working days.
The FSCS has paid out approximately &pound;68,000 in compensation to members of the credit union.]]>
</description>
				<guid>_1ggmsask</guid>
				<pubDate>Fri, 22 July 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Update for investors in CF Arch Cru Funds with claims against financial advisors no longer trading</title>
				<link>http://www.fscs.org.uk/news/2011/july/update-for-investors-in-cf-arch-x02ic9se/</link>
				<description><![CDATA[The Financial Services Authority (FSA) announced in June that it has been in discussions concerning the CF Arch Cru Investment Funds and the CF Arch Cru Diversified Funds. As a result of these discussions, Capita Financial Managers Limited, BNY Mellon Trust &amp; Depositary (UK) Limited and HSBC Bank PLC agreed a &pound;54 million package. This will be used to make payments to certain investors in the CF Arch Cru Funds.
Following the FSA&rsquo;s announcement, the FSCS has been considering the implications of this development for claims it has received against independent financial advisors. In particular, the FSCS has been considering the duties and obligations of financial advisors at the time that they advised their clients to invest in these Funds. This will enable the FSCS to reach a view on whether the advice might give rise to liabilities to investors.
The FSCS is also considering how it would value the CF Arch Cru Funds, if it became appropriate to pay compensation in relation to the Funds. This work needs to engage with the orderly wind up of the Funds which is being overseen by Capita Financial Managers Limited. If payments are made from the &pound;54 million package, the FSCS will also need to consider how to take into account these payments when calculating compensation that may be due to an investor.
Our work on these two issues is ongoing. However, we would like to assure investors that we working as quickly as possible, and will provide more certainty about our position to claimants as soon as we are able.
We will provide a further update on our website when we have more information.]]>
</description>
				<guid>_x02ic9se</guid>
				<pubDate>Wed, 20 July 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>CMCs and Financial Services Complaints</title>
				<link>http://www.fscs.org.uk/news/2011/july/cmcs-and-financial-services-complaints/</link>
				<description><![CDATA[Today (19 July) the FSCS, Financial Service Authority (FSA), Financial Ombudsman Service (FOS) and the Ministry of Justice (MoJ) publish a joint note outlining the role of claims management companies (CMCs). The note is designed to assist consumers, financial businesses and CMCs to understand the role CMCs play&#160;in the complaints process.
Download:

    Claims management companies and financial services complaints &#8211; a joint note from the FSCS, FSA, FOS and MoJ (PDF 16KB)
]]>
</description>
				<guid>_wjjfk8sj</guid>
				<pubDate>Tue, 19 July 2011 00:00:00 GMT</pubDate>
			</item>
			<item>
				<title>Update for members of Lee Bank / Highgate Credit Union</title>
				<link>http://www.fscs.org.uk/news/2011/july/update-for-members-of-lee-bank-4wqnwj29/</link>
				<description><![CDATA[The Financial Services Compensation Scheme (FSCS) has been notified of the closure of Lee Bank / Highgate Credit Union and we are aware that members of the credit union have been unable to access their money.
The FSCS is working with the Financial Services Authority (FSA) to establish whether or not Lee Bank / Highgate Credit Union is able to return savings to its members. If the credit union can&rsquo;t pay back the money it owes its members, we will declare it &lsquo;in default&rsquo; and will aim to pay compensation to eligible members in the majority of cases within seven days. We will aim to pay any remaining compensation claims (i.e. those that are likely to be more complex) within twenty working days. Members of the credit union will not need to apply for compensation &ndash; we expect to send their compensation to them automatically.
Lee Bank / Highgate Credit Union members do not need to contact the FSCS. Until we receive all the information about members&rsquo; accounts from the credit union, we are unable to answer any account specific questions that members may have. However, we will provide a further update on our website within the next 14 days.

    More information about FSCS protection
]]>
</description>
				<guid>_4wqnwj29</guid>
				<pubDate>Fri, 08 July 2011 00:00:00 GMT</pubDate>
			</item>
	</channel>
</rss>

