FSCS Catalyst claims to reach £60m this year

In its November Outlook the scheme said it has received almost 4,000 claims against Catalyst and expects to pay out £60m in 2014/15. The FSCS has settled 1,800 claims worth a total of £26m so far, after it began inviting claims in March this year. Catalyst, which promoted funds backed by Luxembourg-based ARM Asset Backed Securities, was declared in default by the regulator on 4 October 2013. The decision to invite claims against the firm contributed to pushing up investment advisers' share of the FSCS levy by £30m. The scheme forecast £159.5m in investment claims for the current...