Press Release - 1 June 2005
Split Capital Investment Trust Settlement
The Jersey Financial Services Commission (the “JFSC”) announces the launch of the Channel Islands Splits Adjudication Scheme (“CISAS”).
CISAS is entirely separate and independent from Fund Distribution Limited (“FDL”), which has also been established under the settlement agreement mentioned above to distribute payments to eligible investors in zero dividend preference shares (“Zeros”) and in other financial products that invested in Zeros. 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.
Full details of the scheme and how to make a complaint to the scheme can be obtained from the CISAS website at www.Channelislandssplitsadjudicationscheme.com or from the following address:
Channel Islands Splits Adjudication Service,
The firms participating in CISAS are:
* The scheme will only handle complaints about the activities of Le Masurier James & Chinn Limited.
For further information please contact: -
David Carse, Director General
Tel: + 44 (0) 1534 822011