Pritchard was not a deposit-taker so the money held does not qualify under regulatory rules as a deposit. FSCS has no discretion to pay any more. It is for individuals to choose which claim to pursue, but it is possible to have a claim in both places at the same time.
If FSCS pays first, your legal rights will be transferred to FSCS as a condition of the payment of compensation.
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FSCS will pay some or all of that dividend on to you to seek to ensure that you are no worse off for coming to FSCS first. FSCS will soon begin issuing application forms to potential claimants. When you receive the application form, you should complete it and then return it in the pre-paid envelope provided.
FSCS will only be able to deal with claims once the Special Administrators confirm how much each person is owed by Pritchards.
The Special Administrators cannot confirm this to FSCS until each person agrees their account balance with them first. The Special Administrators have indicated that they issued letters to confirm account balances with individuals in July. If you have not already done so, we advise you to agree your account balance with the Special Administrators as soon as possible so that we are then able to process their claim.
FSCS is aware that there are some clients who may have a claim in relation to a shortfall in their share holdings. We are currently liaising with the Special Administrators to determine the value of the loss incurred by each individual and the best process for compensating such clients.
We will keep customers informed about our progress by providing an update on our website when in a position to do so. If you choose to accept compensation from FSCS, you will be required to assign or legally transfer to FSCS all of your rights to claim in the Administration.
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When FSCS receives the dividends in your place it will then pay to you any amounts recovered to ensure that you do not suffer a disadvantage for having accepted FSCS compensation first. Claimants are not compelled to claim from FSCS, or to accept the FSCS offer of compensation.
We are waiting for data from the Special Administrators about corporate accounts. Once we have received and reviewed these details, we will arrange for the relevant individuals or entities to be sent the apprporiate application form s. Once a claim has been made to FSCS, if any claimants believe that FSCS should treat their case as a priority because they are facing immediate financial hardship, they should let FSCS know as soon as possible.
Where there is immediate financial hardship, we will do what we can to accelerate the handling of the claim.
Clients who had balances held in a currency other than sterling are advised that their client balance has been converted into sterling at the official exchange rate the mean of the buying and selling spot rates prevailing in the London market as published at the close of business on 10 February For claimants who wish to transfer their Pritchard Stockbrokers Limited ISA accounts to another provider, please refer to http: If claimants who have returned a completed Application Form to FSCS are found to be eligible, FSCS will seek to pay in most cases as soon as possible.
Although we cannot give exact timescales for this, claims will be settled well within our usual turnaround of six months for this type of claim, providing claimants have agreed a balance with The Special Administrators. As Mazars have contacted clients to agree balances on an individual account basis, the FSCS will also register claims for each individual account.
Therefore, clients who held more than one account with Pritchard or Merchant Capital will receive more than one application form. The account for which a particular application form refers to is indicated by the Mazars reference number which appears on the application form. We advise claimants to complete all application forms as fully as possible. English English Arabic Bengali Dutch French German Greek Italian Portuguese Russian Simple Chinese Spanish Turkish Urdu Polish Welsh.
What we cover Can we help? Your claim Contact us News Industry. A guide to making a claim with FSCS. What can I claim from FSCS if I get the dividend first?
Pritchard acted as custodian to clients. Can Merchant Capital clients claim from FSCS? Can I make a claim to FSCS now? Does FSCS compensate for missing stocks and shares? For corporate accounts, will FSCS be sending one application form for the whole account, or separate application forms for individual clients within that account?
How will my compensation be calculated, and what compensation will I receive from FSCS? What if I believe I am suffering financial hardship and need my claim to be considered urgently? If I receive compensation from the Special Administrators can I still pursue a claim with FSCS?
What if I held money accounts in currencies other than British Pounds GBP? What if I held funds in an ISA or a SIPP account?
I have some queries about the claim form supplied by Mazars. Can FSCS help me?2014 4th week of October - INTERNATIONAL WARNINGS - Economic Frauds NEWS
How long will FSCS take to process my claim? Why have I received more that one application form? Yes, Merchant Capital clients are eligible for compensation from FSCS. FSCS will compensate clients who held funds in ISA and SIPP accounts.
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Any queries regarding this application form should be directed to Mazars. Jargon Buster Deposits money placed in a bank or similar institution to earn interest or for safe-keeping.
Deposit-taker an organisation which accepts deposits, for example a bank or building society. Eligible qualifying for compensation under Scheme rules. Investment a financial product in which money can be invested to earn interest or profit although the value of investments can go down as well as up.