§ Mr. ÖpikTo ask the Chancellor of the Exchequer how many representations he has received concerning the investors compensation scheme from investors who made their investments prior to the formation of the scheme; and if he will make a statement. [11907]
§ Mrs. LiddellI receive such representations from time to time.
§ Mr. ÖpikTo ask the Chancellor of the Exchequer what are the qualifying conditions for a claim under the investors compensation scheme; and if he will make a statement. [11906]
§ Mrs. LiddellThe eligibility of any claim on the investors compensation scheme will depend on the individual circumstances. However, the following general conditions must be met
the claimant is a private investor;the investment firm must have been fully authorised before it failed;the claim arises out of business regulated under the Financial Services Act;the firm owes the investor money—through fraud or negligent dealing—or was holding shares or other investments on the investor's behalf;the firm cannot pay out investors' claims;the firm has been declared in default by the ICS.