Thousands miss splits deadline

By DAILY MAIL REPORTER
Updated:

 

THOUSANDS of people are believed to have missed out as the deadline for split capital investment trust compensation passed yesterday.

About 50,000 forms were sent to eligible investors who lost money through splits. But the latest figures published by Fund Distribution Limited - set up to pay out £144m - suggest only 30,000 people had made claims.

FDL's John Fryer said there was a last-minute surge. But this is unlikely to total anything near the remaining 20,000 of eligible investors.

In addition to the 50,000 forms sent out by FDL, many thousands more were sent out by brokers and nominees that sold the trusts.

Critics blame the low take-up rate on complex application forms and a lack of publicity.

FDL was set up by 20 investment trusts and City stockbrokers after pressure from the Financial Services Authority to pay back investors who lost out.

Most watched Money videos