The Jersey Financial Services Commission this week announced a further stage in settlement of the 'Splits' affair with the establishment of the Channel Islands Splits Adjudication Scheme ("CISAS").
CISAS has been established by the JFSC, the Guernsey Financial Services Commission (“GFSC”) and a number of firms involved in the affair pursuant to the Split Capital Investment Trust settlement agreement dated 24 December 2004.
The UK's Financial Services Commission announced last December that the legal row over the £194 million compensation plan for investors stung by the collapse of the split capital investment trusts had been resolved, although two of the firms involved didn't join the plan until April.
According to a statement released by the FSA and the Jersey Financial Services Commission at the time: "A company, Fund Distribution Limited ("FDL"), has been set up to make distributions from the fund to eligible investors who invested in certain Zeros and in a number of specified unit trusts and other financial products that invested heavily in Zeros. Distributions will be focussed upon private investors and their small investment vehicles that held the specified financial products at any time between July 2000 and June 2002."
CISAS is entirely separate and independent from Fund Distribution Limited (“FDL”). However, CISAS will not be able to consider a complaint about an investment if the investor is waiting for the results of an application for a distribution from FDL in respect of the same investment or has accepted a distribution from FDL.
CISAS has been set up to provide customers of establishments maintained by the Firms in Jersey or Guernsey with an independent adjudication service for the resolution of complaints relating to investments purchased through those establishments in the Jersey, Guernsey and UK Splits sectors. It will operate independently from the JFSC, GFSC and the Firms.
In dealing with complaints, CISAS has been designed to mirror as fully as practicable the scope of, and remedies available through, the UK Financial Ombudsman Service (“FOS”). Before making a complaint to CISAS, customers with a complaint relating to a participating firm must have complained to the firm. Complainants will also need to comply with the scheme’s conditions for eligibility and with certain deadlines, which are explained more fully on the CISAS website, details of which appear at the end of this statement.
The JFSC, GFSC and the Firms have appointed Littleton Dispute Resolution Service Limited to operate CISAS.
The firms participating in CISAS are:
• Aberdeen Asset Managers Jersey Limited
• Aberdeen Private Wealth Management Limited
• Brewin Dolphin Securities Limited
• Collins Stewart (CI) Limited
• HSBC Investments (International) Limited (formerly HSBC Investment Management
(International) Limited) as the continuing company post merger of Le Masurier
James & Chinn Limited*
• Insinger de Beaufort (International) Limited
• Legg Mason Investments Europe Limited.
* The scheme will only handle complaints about the activities of Le Masurier James & Chinn Limited.
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