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Screenshot of a breaking news alert e-mail from Q2 2017
The FSA’s Financial Services Compensation Scheme (or “FSCS”), which bills itself as the UK’s statutory fund of last resort for customers of financial services firms, has made good on missing client funds at defunct financial spreadbetting firm WorldSpreads, and in very impressive time. The FSCS has sent out compensation check to WorldSpreads clients less than five months after a missing-clients-funds scandal was discovered at WorldSpreads, and the company was placed into the FSA’s Special Administration Regime (or “SAR”).
Popular blog for disgruntled WorldSpreads clients Worldspreadsheist reported that client checks had been received by the end of July. The FSCS, however, covers just first £50,000 loss for each account.
Interestingly, no charges have yet to be laid against anyone for wrongdoing, as more than £13 million went missing from client accounts at WorldSpreads.
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