The Financial Services Compensation Scheme (FSCS) will accept customer claims for compensation against Rockingham Independent after declaring it in default - though it remains unsure whether it will process claims related to sales of bonds issued by ARM Asset Backed Securities (ARM).
The compensation scheme had been investigating whether it has a role to play in compensating Rockingham's customers after the firm applied to be closed down in March. Though eligible customers may now be entitled to claim, it said it is still investigating whether it has a role to play in compensating those who may have lost money as a result of their dealings with the firm in relation to the ARM bonds. Rockingham, which provided investment advice, was fined £35,000 by the Financial Services Authority (FSA) in 2011 for recommending unsuitable investments. The company later agreed t...
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