Tuesday, June 18, 2024
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HomeIndustry NewsUK Financial Services Compensation Scheme accepts claims against Organic Investment Management
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UK Financial Services Compensation Scheme accepts claims against Organic Investment Management

The UK Financial Services Compensation Scheme (FSCS) is accepting claims against Organic Investment Management Ltd, which was an investment management firm that offered discretionary fund management services.

The Scheme says it understands that customers have alleged the firm’s administration of its discretionary fund management services risked causing customer harm due to its portfolios’ exposure to illiquid and high-risk assets.

Although FSCS is accepting claims against Organic Investment Management Ltd, these claims have not yet been passed to the Scheme’s claims teams for assessment. Firstly, FSCS has to establish whether there are protected claims against this firm. For this to happen, FSCS needs to know that the discretionary fund manager owes a civil liability to customers that would enable them to be sued in court.

FSCS has been working with the regulator, the UK Financial Conduct Authority (FCA), and other parties in order to get firm records and other documents that will help it reach a view on whether there are protected claims.

Let’s recall that, according to FSCS’s 2018/19 Annual Report, the Scheme paid a total of £473 million in compensation to 425,760 customers of failed firms during 2018/19.

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