MF Global Account Holders to Receive Compensation ‘Imminently’
Customers of MF Global UK Limited will soon receive their compensation payments as the FSCS is finalising its pay-out process.
The Scheme has now sent compensation application forms to all MF Global UK Limited joint account holders and private individuals who had not previously been contacted, and to corporate and trust account holders. This is in addition to the 4,000 plus private customers with individual accounts who had previously been sent application forms. Any customers who do not receive an application form by 15 March should contact the FSCS Initial Contact Team, the FSCS said.
The agency advised customers to be aware that the FSCS cannot process claims until claimants have agreed their balances with KPMG, the special administrators of MF Global UK Limited. After this, the special administrators will provide agreed balances to FSCS, to allow FSCS to make payments to eligible claimants.
Where the balances may be subject to future review, FSCS expects to follow the administrators approach and adopt the lower of the alternatives at this stage.
The FSCS will continue to keep customers of MF Global UK Limited informed about its progress by providing a further update on its website when it is in a position to do so.