Frequently Asked Questions (FAQs)

“Every question has an answer, but do you understand the details of that answer?”

How do you determine if a claimant is eligible for compensation?

Individuals or organisations who are seeking compensation must qualify under the instructions and rules set out by the US judicial system. We will abide by and carefully follow these instructions and use them as a guide when considering claims which may be eligible for compensation. We would then establish a restriction on the payable levels of compensation. The type of claim naturally affects the kind of payment which the claimant is entitled.

Do I need to make any payment of any kind before my claim is considered?

The priority is to establish what if any compensation you may be entitled. After we have determined if you have a case, we will have a discussion to determine who is responsible for funding Keys Law Group representation. In many cases, it is the organisation that supports the claimant’s compensation.

Are there any legal limits when making a claim?

There are no specified cut-off dates for filing for compensation. However, you should be aware that there will be dates and factors that could hamper your attempts to make a claim. Also, you should be aware that there may be legal constraints that may be out of your/our control. In such cases where there are authorised deadlines, unfortunately, this would mean that we couldn’t offer any further assistance to you. An explanation would be sent to you in writing.

What does default mean?

The term “in default” refers to a dereliction for non-payment. Frequently, the result would be that a company ceases trading, usually for one of two reasons, they have insufficient assets to pay a claim or because the company has filed for bankruptcy. Each case will be assessed by our teams on an individual basis to give you an independent and honest opinion whether the claim is worth pursuing.

How long will it take for my case to be completed?

It is almost impossible to give a definitive answer to this question, as there will be several different factors involved. Naturally, we will provide you with an estimate on a case-by-case basis. We will need to establish the complexity of your claim and how much research we will need to conduct to complete our role. Also, many factors will be beyond our control. However, from the outset, we will give you an estimation on time scales based on previous experience.

How long will it take for my case to be processed?

It is a very similar question to the previous one and again depends on a variety of factors. Often external parties will influence how long a claim takes. They may be required to provide information and which takes time to collate. Again, this is out of our hands. The filing of completed documentation needs to meet the necessary legal standards.

After all the necessary processes have been completed, you can expect it to take around five working days for your compensation to be expedited. We treat anyone who is experiencing financial difficulties as a priority.

What does the term "financial loss" mean?

In these circumstances, the financial loss would relate to losses suffered due to previous involvement with another organisation in the financial services sector, either authorised or not. Once Keys Law Group begin to represent you, we will take into account your financial position before you invested.

Can compensation be claimed by companies as well as individuals?

Although there is no hard and fixed rule, generally, for deposit and investment claims, smaller organisations would be secure. A smaller organisation needs only to match two of the following three standards as outlined by section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006. The relevant definitions are:

  • The company has a turnover which does not exceed $6.5 million
  • A total of less than $3.26 million showing on their balance sheet
  • No more than 50 employees

Where a claim is made via an insurance policy, all small companies will be covered. Under the COMP rules, a small company would be defined as a firm whose turnover is no higher than $1 million per year. The same rules would apply for an individual, as would the levels of compensation.

What happens if my dealings were conducted via the internet?

If we were to assume that the company you dealt with is fully compliant with the standards laid down by US regulators, the claim is valid under the expressed rules, and the claim will be treated accordingly

The original company that I dealt with has ceased trading; can you still assist me?

The only restrictions are in cases that cannot be funded by a third party. If the original company has ceased trading, the chances that they have sufficient assets are slim. As a result, it is unlikely that we would act on your behalf. We would suggest that you take recourse with the original company. We can assist you in obtaining their details, but your best solution would be to seek advice from the Citizens Advice Bureau.

Can compensation be claimed by companies as well as individuals?

Although there is no hard and fixed rule, generally, for deposit and investment claims, smaller organisations would be secure. A smaller organisation needs only to match two of the following three standards as outlined by section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006. The relevant definitions are:

  • The company has a turnover which does not exceed $6.5 million
  • A total of less than $3.26 million showing on their balance sheet
  • No more than 50 employees

Where a claim is made via an insurance policy, all small companies will be covered. Under the COMP rules, a small company would be defined as a firm whose turnover is no higher than $1 million per year. The same rules would apply for an individual, as would the levels of compensation.

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