Fraud compensation fund meaning

The Financial Services Compensation Scheme (FSCS) On 13 May 2025, the Financial Services Compensation Scheme (FSCS) stated it will look at a broader set of claims to pay compensation to affected WealthTek clients who have not obtained the £85,000 per person, per firm cap. (See Practice Note: The Financial Services Compensation Scheme) The body, which reimburses customers of collapsed financial firms, confirmed it has already made ‘substantial progress’ in paying back claims linked to WealthTek. The firm is in special administration—a specialised insolvency process—see News Analysis: Distribution plan approval under the Investment Bank Special Administration Regime (Re Wealthtek LLP). FSCS added that it now wishes to begin assessing whether investors could have further categories of claim...

New Risk & Compliance forecast as at 23 July 2024 Our Risk and Compliance forecast, dated 23 July 2024, charts proposed regulatory developments relevant to risk & compliance, enabling you to prepare for any changes that could affect your organisation. You should examine it closely, although a few points that merit attention are outlined below. New items we’re tracking this month Digital Information and Smart Data Bill—the Bill proposes updating and reinforcing the ICO, with targeted adjustments to certain data laws intended to preserve high standards in areas where clarity is currently lacking...

In this issue: Spring Budget 2024 Brexit UK, EU and international regulators and bodies Authorisations, approvals and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims handling Investigations, enforcement and discipline Capital markets regulation Benchmark regulation and IBOR reform Derivatives regulation Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management Insurance regulation Payment services and systems Fintech and cryptoassets Competition in financial services EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Spring Budget 2024 Spring Budget 2024—key Financial Services announcements In the Spring Budget 2024, the chancellor of the Exchequer, Jeremy Hunt, unveiled a suite of measures affecting financial services, including in particular the possible creation of a Private...

ARCHIVED: This case tracker is archived and not maintained. It lists key pensions judgments from 2021, arranged by topic. Entries are grouped by subject, with topics shown in the Table of Contents to the left of the page. Discrimination MH and ILA (Droits à pension en cas de faillite) Full name: BJ and OV, joint trustees in bankruptcy of Mr M v Mrs M, MH, ILA, Mr M Citation: C-168/20 Court: Court of Justice of the European Union (CJEU) Judgment Date: 11 November 2021 Representation: D.J. Rhee QC, C. Harrison (Barrister), and I. Gill (Solicitor) for BJ and OV, joint trustees in bankruptcy of Mr M; G. Peretz QC, J. Briggs (Barrister), and S. Gilchrist (Solicitor) for Mrs M, MH, ILA and Mr M; L. Armati, L. Malferrari and M. Wilderspin, Agents for the European Commission Key take-away: On a preliminary reference from the High Court, the Court of Justice ruled that section 11 of the Welfare Reform and...

The Fraud Compensation Fund (FCF) was set up as a statutory fund under section 188 of the Pensions Act 2004 (PeA 2004) to provide compensation to trustees or scheme managers of occupational pension schemes where a scheme’s assets have been reduced due to an act or omission amounting to an offence of dishonesty. The FCF is administered by the Board of the Pension Protection Fund (PPF), which was created under PeA 2004, s 107. For details on the PPF’s general operations, see Practice Note: The Pension Protection Fund—an introduction. The obligation to make fraud compensation payments The PPF’s obligation to pay fraud compensation in respect of an occupational scheme arises under PeA 2004, Pt 2, Ch 4. The duty to make such payments is set out in PeA 2004, s 182. Under PeA 2004, s 182(1), the PPF must make one or more fraud compensation payments in relation to an occupational pension scheme if: the scheme is not a prescribed scheme or a scheme of...

ARCHIVED: This archived Practice Note sets out key dispute resolution (DR) appeals or notable appellate court rulings in the sphere of general civil litigation in England and Wales from 2023 to the present, and highlights significant pending appeal matters (to support horizon scanning) alongside reported decisions handed down by the Supreme Court, Court of Appeal, Competition Appeal Tribunal, Judicial Committee of the Privy Council (the Privy Council), Court of Justice of the European Union (Court of Justice) and the European Court of Human Rights (ECtHR). Links are provided to each judgment and any bespoke News Analysis to aid comprehension of the principles addressed in the decisions and the impact of those rulings. This Practice Note comprises two elements designed to help dispute resolution practitioners stay current with developments in case law that affect their practice area, or that bear upon civil litigation procedure more generally: selected forthcoming appeals to the Supreme Court are listed below; see Dispute resolution: key appeal cases—2023—Key forthcoming appeals to the Supreme...