GICS will pay you compensation for 90% of the amount you have lost. However, the most that we can pay each customer is capped at €20,000. It is important to note that the Administrator will assess how much you have lost and calculate how much compensation you will receive.
The following will be deducted from the amounts payable by the Scheme:
a) Payments received from investor compensation schemes elsewhere;
b) Payments from any insurance policy taken out by the claimant in respect of the investment;
c) Payments from the liquidator or receiver; and
d) Any amounts, which had a right of set-off at the date of declaration.
Eligible investment held in a joint name shall be divided according to the holders’ shares in the
investment or equally if there is no indication available to the Board of the share of each holder.
A business partnership, association or grouping of a similar nature without separate legal personality shall be treated as one claimant.
Investments held by trustees, or their equivalent, will be treated as one claimant unless each of the beneficiaries can be separately identified, and had a separate legal right under the trust before the date of the declaration by the Commissioner.
Investments will be converted into Sterling at the official exchange rate on the date nearest to the declaration of default by the Commissioner.
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