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Treasury

To ask Mr Chancellor of the Exchequer, what criteria are applied by the investors' compensation scheme to determine if a decision on an application for compensation can be referred to a panel of non-executive directors for review; if he will conduct a review of the effectiveness of the appeals mechanisms...

Asked by

David Chaytor (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Tabled on

26 April 2001

For answer on

1 May 2001

Answered on

1 May 2001

Mr. Chaytor: To ask the Chancellor of the Exchequer (1) what criteria are applied by the investors' compensation scheme to determine if a decision on an application for compensation can be referred to a panel of non-executive directors for review; [159758] (2) if he will conduct a review of the effectiveness of the appeals mechanisms of the investors' compensation scheme; and whether an independent appeals procedure should be established. [159757] Miss Melanie Johnson: Complaints about maladministration may be addressed, successfully: to the investors compensation scheme manager responsible or to a more senior member of staff; to the Chief Executive or to the board; to the scheme's Independent Investigator. The criteria for all stages in this review process are whether the claim has been handled properly and fairly. If deficiencies in the scheme's handling of a claim or in its conduct are found, these are assessed to check if the decision itself should be reviewed. The criteria for the review of a decision itself are whether the scheme's rules have been applied properly and fairly. A decision is reviewed by, successively: the manager responsible; a more senior manager; the Chief Executive. In addition, any investor may challenge the scheme's decision by judicial review. There are no plans to review the effectiveness of these arrangements. They were introduced after the financial services compensation scheme assumed operational control of the investors compensation scheme on 1 February. The new scheme reviewed the complaints arrangements and removed the stage of the panel of non-executive directors before a complaint could reach the independent investigator.

Date

1 May 2001

Reference

367 c565-6W; 159758;159757

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, what was the average amount of compensation paid by the ICS in relation to the cases referred to the investors' compensation scheme by the Personal Investment Authority Ombudsman in each of the last two years, as a result of an award not having...

Asked by

David Chaytor (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

16 November 2000

Reference

356 c756W; 135271;135273;135272

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, how many cases were referred to the ICS (a) Independent Investigator and (b) Board of Directors in each of the last two years under the ICS Complaints Procedure; and how many of these referrals resulted in an amended decision. - Inc figures.

Asked by

David Chaytor (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

6 November 2000

Reference

356 c79W; 135270

House

House of Commons

Deposited Paper Dep 00/1442

Proposed amendment to the compensation rules. FSA consultation paper 67. FSA. 2000.

Deposited by

Financial Services Authority

Type

Consultation papers; Deposited papers

Date

5 October 2000

Reference

Dep 00/1442

House

House of Commons

Westminster Hall adjournment debate on redress for pension mis-selling: the case of Mr W Blair

Westminster Hall adjournment debate on redress for pension mis-selling: the case of Mr W Blair.

Lead member

Lord Beith

Answering member

Melanie Johnson

Department

Treasury

Type

Adjournment debates

Date

30 November 1999

Reference

340 c40-6WH

House

House of Commons

Deposited Paper Dep 99/1064

Proposed amendment to the Financial Services (Compensation of Investors) Rules 1994. FSA consultation paper 23. FSA. 1999.

Deposited by

Financial Services Authority

Type

Consultation papers; Deposited papers

Date

24 May 1999

Reference

Dep 99/1064

House

House of Commons

Draft Financial Services and Markets Bill. Financial Services and Markets Joint Select Committee first report in 2 volumes with proceedings, evidence (previously HC 328 i-vii/HL 50 i-vii) and appendices. (Part 2 of 2).

Type

Select Committee reports; House of Commons papers; House of Lords papers; Parliamentary committees

Committee

Joint Committee on the Draft Financial Services and Markets Bill

Notes

Volume I received 29.04.99;Volume II received 14.05.99; DEBATE;CH 28 JUN 1999

Date

27 April 1999

Reference

HC 328 1998/99;HL 50 1998/99

House

House of Lords; House of Commons

Investor Compensation Scheme Regulations 1998

SI 1998/2169 (Negative instrument). Coming into force 26 September 1998.

Department

Treasury

Type

Statutory instruments

Date

3 September 1998

Reference

SI 1998/2169

House

House of Commons; House of Lords

Deposited Paper Dep 98/920

Implementation in the UK of the EU Investor Compensation Directive. Consultation paper 12. FSA. 1998.

Deposited by

Financial Services Authority

Type

Consultation papers; Deposited papers

Date

5 August 1998

Reference

Dep 98/920

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, what representations his Department has made to the Investors Compensation Scheme in respect of its handling of compensation for Knight Williams & Co. clients.

Asked by

Oliver Letwin (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

17 November 1997

Reference

15944; 301 c18W

House

House of Commons

Deposited Paper Dep/3 5432

Limit on compensation costs: consultative paper 112. SIB. 1997. (Includes draft of Financial Services (Compensation of Investors) (Amendment No 2) Rules 1997).

Deposited by

Securities and Investments Board

Type

Consultation papers; Deposited papers

Date

16 October 1997

Reference

Dep/3 5432

House

House of Commons

Treasury

What assessment he has made of the administration of the investors' compensation scheme with particular reference to the financial services firm Knight Williams and Co.; and if he will make a statement.(Question printed without answer in Daily Part at 298 c587-8W).

Asked by

Nigel Waterson (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

24 July 1997

Reference

9698; 298 c713W;298 c711W

House

House of Commons

Treasury

What recent steps he has taken to ensure that former clients of Knight Williams & Co. Ltd. receive adequate compensation; and if he will comment on the use of the locked box agreement to satisfy investors' claims against Knight Williams and Co Ltd.

Asked by

Lord Corbett of Castle Vale

Answering body

Treasury

Type

Written questions

Status

Answered

Date

19 June 1997

Reference

296 c270W;296 c273W; 4525;4524

House

House of Commons

Treasury

If he will review the circumstances of the Knight Williams investors.

Asked by

Lord Lansley (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

18 June 1997

Reference

3422; 296 c237W;296 c237-8W

House

House of Commons

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