Charity loss claims

CHARITIES and clubs that lost savings during the Icelandic bank crash could be in line for compensation.

The Financial C onduct Authority says it will consider claims from organisations whose member s ’ cash disappeared with the collapse of Kaupthing Singer & Friedlander Bank (KSF) and Landsbanki in 2008.

Rules for bailouts paid by the Financial S ervices Compensation Scheme cover only cash f or indi vidual sa vers. When Landsbanki and K SF banks went bust, mor e than 400,000 UK savers held more than £7 billion in deposits.

Although the indi vidual savers l ar gely got t heir money back, many clubs and charities, including the Ca ts Protection, did not qualify.

However, the FCA says they may be en titled to payments to compensate for their losses up to £50,000. Eligible parties will be contacted.