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PACIFIC CONTINENTAL DECLARED IN DEFAULT
The Financial Services Compensation Scheme has formally issued a declaration that they have found Pacific Continental to be in default.
This is the trigger that will enable your claims to be prepared and submitted. We met with the Financial Services Compensation Scheme recently and have agreed a new way of working that we believe will benefit the administration of the claims submitted by us. Each person who wishes to make a claim has to do so using the form supplied by the FSCS and this will include those who may have already been sent forms which they have completed and sent back.
The new form has been tailored to meet the circumstances of this situation and must be used for claiming compensation. If you have already received a favourable award from the Financial Services Ombudsman, this is not a guarantee of compensation and the FSCS will still require you to complete the form sent.
We would point out that it will be necessary for each person to prove his or her application to the same standard as if the case had been sent to Court. It is necessary to show that on the balance of probabilities Pacific Continental acted in a negligent manner or acted in breach of contract.
There are a number of steps after the submission of the form and it is quite likely that FSCS will be raising questions in the vast majority of cases. We anticipate that the cases will be treated on a first come, first served basis and will be dealt with in a period of 6-12 months.
If you are a client with us on a fee paying basis, we will deal with all of the correspondence for you throughout the procedure. If you have our free service, we will complete the claim form for you and then you will have to deal with the matter directly with the Financial Services Compensation Scheme. It is of course possible to switch from our free scheme to one that charges 15% of the claim amount received + VAT on a no win no fee basis if you wish to at any stage.
The forms will be sent out in the near future by the regulator and once you have received it, please contact us without delay.
We would ask you not to call us over the next few days, as a large number of calls over the day will delay the process.
If you have any questions on the above, please send them to us on email. Please also continue to review the website which will be updated with any news regarding general issues.
in England & Wales Limited Liability Partnership
No. OC315302