FSCS begins MF Global compensation action

The Financial Services Compensation Scheme (FSCS) has begun the process of compensating MF Global customers, with private customers with individual accounts the first to receive application forms.

It said it is adopting a "phased approach" to reaching out to customers and would move on to corporate accounts once MF Global administrators KPMG have obtained the necessary information and balance, probably by the end of February. Mark Neale, FSCS chief executive says, "Although we will not be able to complete claims until KPMG is able to confirm account balances, we want to assure customers of MF Global that we are working with KPMG to ensure eligible claimants are compensated as quickly as possible." The FSCS will be able to pay up to £50,000 in compensation per person and any ind...