events
Default declarations pave way for Gibraltar consumers to claim compensation from FSCS Consumers could claim up to £48,000 if they have lost money as a result of their dealings with the firm in Gibraltar that the Financial Services Compensation Scheme (FSCS) has declared in default. The FSCS is the UK’s statutory compensation scheme for customers of regulated financial services firms and does not charge individual consumers for using its service.
Leeds fun day a great success
The kinds of investment claims the FSCS handles usually relate to advice. For example, if somebody was advised to buy an investment product, such as an endowment policy, but it was unsuitable for them and they lost money as a result of the advice they received, they may be entitled to make a claim.
Leeds Building Society recently invited Gibraltar residents to join them for their third annual fun day at the Piazza. Entertainment included a puppet show, face painting, arts and crafts and lots of balloons and other freebies. The event enabled people to meet the friendly team from the branch. Simon Murphy, Gibraltar Branch Operations Manager said, “Our third annual Fun Day kicked off around 10am and we immediately started the lengthy task of blowing up masses of balloons for the lines of kids who wanted one. “There was also a lot of entertainment available on the day for youngsters via face painting, a puppet show and arts and crafts. Our regular puppeteer came along and entertained some large audiences with her ‘Shirley Bassey singing crocodile’ the ‘Slinky Ostriches’ and the ‘Silly Skeleton’ all making an appearance. “We raised over £120 for Childline Gibraltar through donations for the balloons... We also had 125 entries for our ‘Win an MP3 player’ free prize draw. It was a successful day with positive feedback received from the public. We look forward to the fourth annual fun day in 2010.” n Visit www.leedsbuildingsociety.com/gibraltar.
Declaring a firm in default is the final part of a process in which a firm regulated by the Financial Services Authority has been found by the FSCS to be unable, or likely to be unable, to pay claims against it. This means that customers who have lost money as a result of dealings with one of these firms might be able to make a claim for compensation to the Scheme. The FSCS covers investments, deposits, insurance, home finance advice and arranging (from 31 October 2004), and advice about general insurance and the arranging of policies (from 14 January 2005). Details of the investment firm the FSCS has recently declared in default can be found below. Consumers who believe they may have a claim should contact the FSCS on 0800 678 1100 or 020 7892 7300, or by email at enquiries@fscs. org.uk. More information about the FSCS’s work and how to claim is available on its website at www.fscs.org.uk/consumer. Declarations by FSCS August 2009 Eurolife Assurance (International) Limited, Suite 2G, Eurolife Building, 1 Corral Road, Gibraltar
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December 2008
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GIBRALTAR MAGAZINE • SEPTEMBER 2009