HC Deb 31 July 1997 vol 299 c446W
Mr. Öpik

To 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. Liddell

I receive such representations from time to time.

Mr. Öpik

To 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. Liddell

The eligibility of any claim on the investors compensation scheme will depend on the individual circumstances. However, the following general conditions must be metthe 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.