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Banks: Iceland

Volume 487: debated on Wednesday 4 February 2009

To ask the Chancellor of the Exchequer when the Financial Services Compensation Scheme will compensate Mr. Simon Dunne Barker of Marlborough, Devon for the losses he incurred following the collapse of the Icelandic banking sector. (250421)

[holding answer 2009]: The FSCS is an independent organisation set up under the Financial Services and Markets Act 2000.

The FSCS confirmed on 25 November that it is has sent out compensation claim forms to all the savers that they have records for at Kaupthing Singer and Friedlander (KSF) who did not transfer to ING Direct. On 12 December the FSCS announced that their claims teams have been processing the application forms received back from savers.

The FSCS's priority is to pay eligible retail depositors their compensation as quickly as possible. Claimants can contact the FSCS directly if they would like more information about their claim.