TCS: Standard Claim Process | KPMG | UK

Tesco Compensation Scheme: Standard Claim Process

TCS: Standard Claim Process

Details of the key steps for the Tesco Compensation Scheme claim process.

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Background information

A one page overview of the claim process can be downloaded here (PDF 203 KB).

The FCA’s Final Notice which details the terms of the Tesco Scheme can be found on the FCA website (PDF 235 KB). However, details of the key steps for the claim process are provided below. Note that we have also provided separate pages highlighting the additional steps in each of the bondholder claims process and the broker facilitated shareholder claims process, which differ slightly.

1. Submit claim

All claimants must submit a claim to the Administrator by 11:59pm on 22 February 2018. This can be done either through the online claims portal or by submitting a postal claim. A postal claim form can be obtained by either downloading it from this website or requesting a claims pack by calling our helpline. 

The online claims portal route will result in your claim being processed more quickly. The online claims portal has also been designed to make the process as simple as possible for claimants, with help text and links to useful documents throughout. Claimants can also save and return to their claim form at any time. To be able to use the online claim portal you will need a mobile phone so that you are able to receive a one-time authorisation code each time you log in. The online claim portal has also been designed with high levels of accessibility support for people with disabilities. 

A third party may assist a claimant to lodge a claim through the online claims portal. However they will be required to make certain confirmations when submitting the claim and should ensure they have the appropriate authority to do so.

When submitting the claim, the claimant must provide certain documentation to support their claim including:

i) Proof of identification of the claimant if the claimant is an individual (one of either passport, driving licence or national identification card) or the authorised signatory list if the claimant is an entity.

ii) Copy of a bank statement for the bank account to which the claimant would like any payment to be made. The bank account is required to be in the name of the claimant. 

iii) Proof of transactions, such as a broker statement, exchange report or physical share certificate. If broker statements are being provided they should cover the full period from 29 August 2014 to 19 September 2014. A claimant may also provide further details of specific trades, such as trade confirmations. 

iv) Should a third party representative be executing the Notice of Acceptance and Release documents on behalf of the claimant, then documentation that confirms the third party’s authority to sign and their identity will need to be provided.

v) For certain bondholder claims, the claimant should obtain and provide a unique code – see the Bondholder Claims Process page for further information.

For claimants participating in the broker facilitated claims process, there is no requirement for the claimant to provide items ii) a copy of their bank statement or iii) proof of transactions – see the Broker Facilitated Process page for further information.

Please note, we are unable to advise claimants whether or not they have a claim and the value of any claim and, instead, claimants should ask their broker or check their transaction records in the first instance.

All claim forms must be signed, submitted (and if sent by post, received) to the Administrator by 11:59pm on 22 February 2018, being the claim deadline date.

2. Claim review

We shall review the claim as soon as reasonably possible. However please note that we anticipate receiving a large volume of claims in the first few weeks and therefore response times may be slower during this period.

As part of our review, we may request further documentation from the claimant or contact other third parties involved in the transaction(s) to confirm details of the claim (e.g. the claimant’s broker). 

3. Offer

Once our review is finalised, we shall issue a Determination Notice to the claimant which includes details of our decision reached, any compensation amount being offered and a copy of the Notice of Acceptance and Release. A template of the Release document can be found in the FCA’s Final Notice. The claimant needs to respond to us within 45 days of the date of the determination (the timeframe to respond decreases to 28 days should the determination be issued after 22 February 2018). 

4. Signature

Should the claimant wish to accept our determination then they should execute and return the Notice of Acceptance and Release within the 45/28 day timeframe. 

If the claimant does not accept our determination, then the claimant is able to request the determination be reconsidered and provide further documentation to support this request. We shall review any further information provided and then issue the claimant with a Further Determination Notice. The claimant does not have ability to request a reconsideration of a Further Determination Notice instead they can only agree it or decide not to participate in the Scheme. Therefore claimants should ensure they provide all relevant supporting documents when submitting their claim to allow us to make a fully informed decision. Should the claimant not wish to accept the further determination, their claim will be withdrawn and they will not be able to participate in the Scheme or be allowed to submit a new claim.

Where a claimant accepts a determination, we shall verify the signatures on the returned Notice of Acceptance and Release. We may request further information from a claimant should we be unable to match the signature to the documents previously provided. We may also perform certain other checks with third party specialists to verify bank account details provided and perform sanction checks.

5. Payment

We shall make payment within approximately 35 days following receipt of a fully completed Notice of Acceptance and Release.

Payment can only be made to a bank account in the name of the claimant. Payments shall be made by electronic bank transfer and in the currency of the traded security (for shares this is GBP and for bonds this may be GBP, EUR or USD). If a claimant’s claim includes positions in multiple currencies, then a payment shall be made for each of the relevant currencies.

HMRC requires that we withhold tax from the interest portion of payments to certain types of claimants.

6. Confirmation

A payment confirmation letter shall be provided to the claimant shortly following payment being made. All payments must be completed by the Scheme closure date, being 30 November 2018.

 

Please note, the Administrator will send certain limited reminders should they have requested action from a claimant but no response been received

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