Written question asked by Mark Simmonds (Conservative) on Thursday, 20 March 2003, in the House of Commons. It was due for an answer on Tuesday, 25 March 2003. It was answered by Ruth Kelly (Labour) on Tuesday, 25 March 2003 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what action he is taking to investigate misselling of split capital investment trusts; and what compensation is available for those who have been affected.

Answer: Mr. Simmonds: To ask the Chancellor of the Exchequer what action he is taking to investigate mis- selling of split capital investment trusts; and what compensation is available for those who have been affected. [104730] Ruth Kelly: The FSA has said that it is investigating allegations about both misleading marketing of split capital investment trusts and possible collusion between parties involved in this sector. Anyone who thinks they may have been affected by mis-selling should make a complaint to the authorised firm concerned. The firm will consider the complaint and may offer compensation. If the complainant is dissatisfied with the firm's response he or she may be eligible to take the complaint to the Financial Ombudsman Service. The Ombudsman can order firms to pay compensation if he finds that the customer was treated unfairly.

Secondary information