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Compensation for Icelandic Bank Failures

The financial regulator is considering extending the UK Savings Compensation Scheme to cover clubs, charities and societies who were hit by the failure of Icelandic banks in 2008.

 

The Financial Conduct Authority (FCA) has been weighing up these plans to extend its scheme.

 

If they get the go ahead, it means that financial companies and thousands of independent financial advisers would meet the bill for a string of claims from bank defaults through higher payments into the scheme.

 

Organisations such as charities were hit by the collapse of the Kaupthing Singer, Friedlander Bank and the most high profile failure the Icelandic bank, Landsbanki.

 

Currently the Financial Services Compensation Scheme covers the first £50,000 of investments if a financial services firm is unable to pay the due amount.

 

Unfortunately unincorporated associations, including charitable trusts, have previously been excluded from claiming compensation if there assets are in excess of £1.4m.

 

In the future it's expected that claims can be made if an organisation does not exceed two out of the three criteria:

 

Have a turnover of £6.5m

Have a balance sheet total of £3.26m

Have 50 employees

 

From our Birmingham offices we are able to provide a range of legal advice and will make ourselves available to discuss your legal requirements.

 

Please either call on Birmingham 0121 355 4700 or alternatively email our solicitors via info@activelegal.co.uk or complete the form on the right and we'll call you back.

 

 

Active Legal

Compensation Solicitors

Sutton Coldfield, Birmingham

Tel: 0121 355 4700



Get in touch with your query or requirements
 
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