Can I make a claim/When can I make a claim?
You have the right to make a claim for compensation to the ICCL if you are a private client and if a member firm of the ICCL scheme:
- goes out of business and cannot return your investments or money; and
- Central Bank determination (decision) or court ruling has been made under the Act.
It is important to note that a private client cannot make a claim without both of the scenarios outlined at (1) and (2) above as having occurred. The ICCL will normally contact you first to advise you of your entitlement to make a claim if you have suffered a compensatable loss.
Our compensation scheme is generally only for private clients of a failed firm. It is not for owners or managers of the failed firm or for ‘professional’ or institutional clients, which include:
- large companies,
- other financial firms, and
- people categorised as professional clients.
You must be an ‘eligible’ investor for compensation to be due to you.
Who is an eligible investor?
An eligible investor is a private customer of a failed investment firm. The Act excludes certain categories of investors such as professional or institutional investors and owners or managers of failed firms.
What investments does the ICCL scheme cover?
The scheme covers a broad range of investments sold by investment firms. In legislation, these are referred to as ‘investment instruments’. They include:
- public and private company shares;
- units in collective investment schemes;
- life insurance policies (including unit-linked funds);
- non-life insurance policies;
- tracker bonds; and
- futures and options.
If you would like to read our publication for private investors, please click here.