The scheme
The scheme ‘is a fund of last resort’ and can pay a maximum of £50,000 if the investment advice was given by an authorised firm on or after 28 August 1988 under the Financial Services Act 1986 or by a licensed firm, on or after 1 December 2001 under the Financial Services and Markets Act 2000.
If the claim relates to advice given on or after 1 December 2001, the scheme can consider claims relating to firms licensed by one of the institutes, though only if the advice was given in relation to a limited range of financial products.
The scope of the scheme is set out in the Chartered Accountants Compensation Scheme Regulations. These stipulate that:
- the firm must have been authorised or licensed by either ICAEW, ICAS or ICAI at the time the regulated investment business advice was provided;
- the loss must have arisen from the advice given;
- the firm must be insolvent (as defined by the regulations); and
- there must be no other way of recovering compensation.
A panel decides whether the claim falls within the terms of the scheme and the amount of compensation due.
Chartered Accountants Compensation Scheme Ltd administers the scheme on behalf of ICAEW, ICAS and ICAI.
How to make a claim
To make a claim relating to investment business conducted by an ICAS or ICAEW authorised or licensed firm (or an ICAI registered firm before 1 August 2017) please complete this form.
If you have any difficulties completing the form or require any assistance, please contact CACS.claims@icaew.com.
Alternatively, you can write to the address below providing full details of your claim and the supporting documentation:
The Chartered Accountants’ Compensation Scheme Ltd.
Metropolitan House
321 Avebury Boulevard
Milton Keynes
MK9 2FZ
For claims in relation to an ICAI authorised firm (post August 2017)
Investors wishing to make a claim on investment business conducted by an ICAI authorised firm on or after 1 August 2017, under the provisions of Ireland’s Investment Intermediaries Act, 1995, should write to:
The Investor Compensation Company DAC
c/o Central Bank of Ireland
PO Box 11517
Spencer Dock
North Wall Quay
Dublin1
Ireland
General enquiries
For further information about the Chartered Accountants’ Compensation Scheme, please email CACS.claims@icaew.com or write to the Milton Keynes address above.
