Last updated 16/03/2016
The Central Bank of Ireland has made a determination regarding Asset Management Trust Limited (AMT) in accordance with section 31(3) of the Investor Compensation Act 1998 (as amended) (the Act) which has taken effect as of 29 February 2016. The Central Bank has appointed Mr Des Ritchie, of the Central Bank, as Administrator to AMT, for the purposes of the Act, to assess and certify claims for compensation made by the clients of the firm.
As AMT was a member of the Investor Compensation Scheme, eligible investors of the firm that incurred losses may be entitled to compensation. The ICCL will pay clients 90% of the money they have lost, however the most the ICCL will pay each investor is €20,000.
Losses caused by a fall in the value of investments because of market or other economic events are not compensatable by the ICCL.
Claims will be paid from a fund that the ICCL has built up over a number of years from contributions paid by the investment industry.
Applying for Compensation
An application for compensation under the Act must be submitted to the ICCL on the claim form provided by the ICCL for this purpose. Claim forms are only available from the ICCL.
The ICCL issued claim forms to all known clients of AMT on 7 March 2016 inviting all AMT clients to submit applications for compensation in circumstances where AMT failed to return money or investment instruments which clients entrusted to it. This may include circumstances whereby the firm has exceeded its contractual authority.
A notice, inviting applications for compensation, was placed in the Irish Independent on 13 April 2016.
The ICCL are required to write to all known clients of AMT in order to alert them of the Central Bank’s determination and the role of the ICCL in issuing compensation where clients have suffered a loss. Please note that not all clients will have suffered a loss that is compensatable by the ICCL. If a client is eligible and can demonstrate a compensatable loss has occurred, they should complete and return their claim form to the ICCL before 6th April 2016.
If you were a client of AMT and you believe that you should have received a claim form please contact us at email@example.com or 01-224 4955.
The Statutory deadline for clients of AMT to apply for compensation under the Act is 27 July 2016. However, in order to expediently process all claims the ICCL are requesting that all claims are received before 6th April 2016. Applicants will be able to submit a claim after this date, however such applications may experience delays.
For more information on the stages of the compensation process, please click here.
Where can I get further information on claiming compensation?
Click here to read the ICCL's information booklet for private investors "claiming compensation when an investment firm fails".
I am a client of AMT, when can I expect a decision in relation to my claim application?
The Act requires that certified claims are paid within three months of the certification of the claim by the Administrator. At this stage it is difficult to estimate the period of time that may elapse before the Administrator has sufficient evidence to certify a claim. However, once certified the ICCL plans to make payments within two weeks of certification.
I have a query about AMT – who should I contact?
Further information on the operation of the scheme is available in the information booklet for investors available from the Publications section.
All other queries can be directed to firstname.lastname@example.org or 01-224 4955.