FSCS to 'pre-approve' Lifemark claims but no money in sight

In an unusual announcement last month, the scheme encouraged investors to complete and return application forms for compensation if they relied on flawed Keydata marketing materials to invest in the products. However, investors have not been told how much they can expect in compensation, or even when they will receive the money. One IFA, with client money in Keydata bonds, who queried the announcement has been told by the FSCS it wants claimants to return forms so it can make ‘provisional eligibility awards'. These amount to a pre-approval of an investor's claim for a future payout...