FAQs

You may be covered if:

• The investment firm was authorised by the Gibraltar Financial Services Commission.
• The investment involved regulated investment activity.
• You are an eligible investor.
• The firm is unable to return your client money or investment assets.

Certain categories of investors, including professional institutional investors and persons connected to the failed firm, may not be eligible.

If you are eligible, GICS will pay you compensation for 90% of the amount you have lost, with the maximum amount of €20,000 per customer. However, compensation will be paid in GBP.

Once you have submitted your claim and the FSRCC is satisfied that all the conditions for compensation have been met, payment will normally be made within three months.

In exceptional circumstances, the FSRCC may apply to the GFSC for an extension of up to a further three months to complete the payment process.

Some of the more commonly used investment instruments used by retail clients covered by the Scheme include:

• Transferable securities;
• Money-market instruments;
• Units in collective investment undertakings;
• Options, futures, swaps, forward rate agreements;
• Financial contracts for differences.

A list of all the covered financial instruments are listed under Section C of Annex I to the Markets in Financial Instruments Directive (MiFIDII).

GICS does not cover:

• Unregulated investments;
• Losses arising solely from market fluctuations;
• Investments outside the definition in Section C of Annex I to MiFID II;
• Pension Products;
• Investments connected with unlawful activity, including money laundering.

If the Scheme is activated following the failure of an investment firm, details of how to make a claim will be published on this website.

We will contact potential claimants directly and provide a claim form to complete. You will be asked to provide information about your claim, together with any supporting documents needed to assess it.

The claim form will also be available on our website for anyone who believes they may have a claim against the failed firm.

If you hold more than one account with the same failed investment firm, all of your eligible accounts and investments will be combined when assessing your claim.

This means that GICS treats your holding with the firm as a single claim and calculated compensation based on the total value of your eligible investments and client assets, subject to the compensation limit of the Scheme. Any compensation will be paid in GBP.

If you disagree with a decision made by the FSRCC regarding your claim for compensation, you have the right to appeal the decision to the Supreme Court.