Previous News/Updates


Sun 21st June 2009 : Back on line ...

CHANGES TO THE CLAIMS SYSTEM

The claim process is complex because many depositors have several accounts and often in different currencies. Whilst over 2600 claimants have successfully negotiated the process, we are aware from feedback that a number of claimants are finding difficulty with some of the specific requirements of the claim forms.

The web-site has now been upgraded to provide greater help in those sections where we know difficulties lie. The areas where help has been improved include:

  • Explaining the claim process and how multiple accounts should be treated
  • What to do if you have made mistakes
  • More detailed descriptions of classes of eligibility of claims
  • Greater help on what other documents you may be required to provide.

As the Scheme Manager moves forward with the validation of claims, progress and status information will be presented on Claim Summaries. The pages to display this information are now in place.

Finally, we have added the capacity for claimants to change passwords to one of their own choice – providing that the new password meets the appropriate strength.

In order not to prejudice claimants who have not been able to complete their forms whilst the site has been suspended, the Scheme Manager is pleased to confirm that the signed completed forms received by 4 July 2009 will be included in the first payment run provided there are no unresolved issues.

For the avoidance of doubt, there will be several frequent payment runs after the initial run and filing claims after 4 July will not give rise to significant delays in compensation payments.



Sun 21st June 2009 : Receipt of assignment documents ...

ASSIGNMENT DOCUMENTS

Many claimants are understandably wishing to confirm that the Scheme Manager has received the signed assignment documents.

We are currently receiving many hundreds per day and the logging process is under way.

Please be patient and check the Claim Summary, where the receipt will be acknowledged. At this time, we do not wish to divert resources into searches for individual forms.



18:00hrs Sun 14th June 2009 : Update on registration difficulties ...

IMPORTANT UPDATE OF INFORMATION FOR CLAIMANTS WHOSE ACCOUNT NUMBERS
ARE NOT ACCEPTED IN THE REGISTRATION PROCESS

To enable initial on-line verification for registration purposes we requested that the provisional liquidators of KSFIOML provide a full list of Account Numbers and Account Names.

On 10 June 2009 the DCS became aware that the information it had been provided with in respect of Account Numbers was not consistent. For a class of depositors, approximately 20%, Deal Numbers were substituted for Account Numbers. The consequence of this is that the validation process fails for those depositors.

On becoming aware of the issue, the DCS immediately contacted the provisional liquidators and requested that revised data be prepared to enable us to identify the Deal Numbers with the correct Account Numbers. Armed with this information we are replacing all the Deal Numbers with the correct Account Numbers.

We are pleased to announce that all claims should now be made using Account Numbers only.

We are also now aware of a very small number of depositors who had accounts that were Index Linked to various indices. The details for these accounts are now included in the system.

If you still have problems please ring the following help line +44 1624 625 680 (UK office hours only)



Sun 14 June 2009 : KAUPTHING SINGER & FRIEDLANDER (ISLE OF MAN) LTD ("the Company") - in liquidation

At the meeting of the Depositors’ Compensation Scheme Manager ("Scheme Manager") held on 27 May 2009 an event of default was declared in respect of the Company. The Depositors’ Compensation Scheme ("the Scheme") has therefore now been activated.

The date of default declared is 27 May 2009.

Under the Compensation of Depositors Regulations 2008 ("the Regulations") the Financial Supervision Commission is the Scheme Manager of the Scheme. The day-to-day administration of the Scheme will be carried out by the Scheme Agent: KPMG LLC has been appointed by the Manager to this role.

This website has been created for the Scheme, www.dcs.im. Apart from giving information about the coverage of and claiming under the Scheme, this website enables claimants to submit their claims on-line and be the main form of general communication to depositors about the Scheme and its ongoing progress. Full contact details for the Scheme Agent are given on the site. All queries about the Scheme should be directed in the first instance to dcs@kpmg.co.im.

It is the intention of the Scheme Manager to co-ordinate with the Joint Provisional Liquidators of the Company in sending out details about how to claim, with the objective of making the overall process, for relevant persons, of claiming under the Scheme and in the liquidation as straightforward as possible. The Scheme Manager wrote to potential Scheme claimants on 5 June 2009 explaining who can, and how to, submit a claim for compensation. The general contents of this letter are also shown on the website here.

The online claims section is available and new claimants can register at the top of the page above.

As mentioned above, regular update information will appear on www.dcs.im, and by letter where appropriate.

Financial Supervision Commission
14 June 2009



Cookies have been disabled !

You must have cookies enabled to use this site.

'Session only' cookies will work fine - these cookies are automatically deleted when you close your browser.

The cookie is used *only* to store your login credentials for the duration of the session. No other data whatever is stored in the cookie.