About the FSCS

Babycakes

How many people work for the FSCS and what do they do when everything is working smoothly?

cos69

I think you will find that the government will outsource the actual handling of compensation payments. Would be surprised if some of the banks, including Northern Rock have not already submitted their proposals and costs for handling it.

FSCS has 3 months to make the compensation payments - so 9th January 2009 would be the deadline.

ajaxgeezer

cos69 wrote: »

I think you will find that the government will outsource the actual handling of compensation payments. Would be surprised if some of the banks, including Northern Rock have not already submitted their proposals and costs for handling it.

FSCS has 3 months to make the compensation payments - so 9th January 2009 would be the deadline.

.......cos, where did your three month deadline come from? This is from the FSCS website:

6. How long will it take to process my claim?

After a declaration of default, FSCS aims to process all claims within six months.

......obviously your quote will have a source too, but are the two compatible?

nzseries1

cos69 wrote: »

FSCS has 3 months to make the compensation payments - so 9th January 2009 would be the deadline.

Err... where did you read that? I'm 99.9% sure that's not true.

Swipe

When was the last time a Government contract came in on time and budget?

noh

nzseries1 wrote: »

Err... where did you read that? I'm 99.9% sure that's not true.

The fsa handbook?

http://fsahandbook.info/FSA/html/handbook/COMP/9/2

COMP 9.2 When must compensation be paid?
COMP 9.2.1 The FSCS must pay a claim as soon as reasonably possible after: (1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and
(2) it has calculated the amount of compensation due to the claimant;
and in any event within three months of that date, unless the FSA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.


Nigel

ajaxgeezer

noh wrote: »

The fsa handbook?

http://fsahandbook.info/FSA/html/handbook/COMP/9/2

COMP 9.2 When must compensation be paid?
COMP 9.2.1 The FSCS must pay a claim as soon as reasonably possible after: (1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and
(2) it has calculated the amount of compensation due to the claimant;
and in any event within three months of that date, unless the FSA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.


Nigel

ah. If it wasn't the run-up to Christmas then I'm sure they'd be calling a 'force majeure' and apply for the extension. As someone has pointed out in a different thread though, there are lots of political points to be lost when people are on the TV saying they can't buy their kids' Christmas presents. The political situation differences between now and Farepak is that we're a year closer to an election and the government is a mile behind in the polls.

Swipe

Maybe it will be a blessing in disguise if the money isn't paid out before Christmas. It might be a good opportunity to demonstrate that Christmas isn't just about presents and the need to spend vast amounts of money.

SouthCoast

noh wrote: »

The fsa handbook?

http://fsahandbook.info/FSA/html/handbook/COMP/9/2

COMP 9.2 When must compensation be paid?
COMP 9.2.1 The FSCS must pay a claim as soon as reasonably possible after: (1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and
(2) it has calculated the amount of compensation due to the claimant;
and in any event within three months of that date, unless the FSA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.


Nigel

My understanding is that the FOS and FSCS rules only apply to claims made within the EU.

dunstonh

The FSCS have mostly dealt withmis-sale complaints (from closed companies) in the recent past. These have taken upto 2 years on upheld cases. However, luckily (erm not really right word ) the endowments issue is mostly behind us now so their workload will be going down just in time to deal with this.

Note, they pay out within 3 months of agreeing you have a successful claim. Not 3 months from receipt of your claim. (subject to FSA authorised extension)

nzseries1

noh wrote: »

(2) it has calculated the amount of compensation due to the claimant;
and in any event within three months of that date, unless the FSA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.

Wow, I've learnt something. I wonder why I hadn't heard this before - thanks.