What happens to your claim?

Once you've submitted your claim using our online application form, we'll follow these five steps to complete the assessment.

1. Check eligibility

We check that the initial eligibility requirements are met.

2. Check offences involving dishonesty

We check that the scheme assets have been reduced due to dishonesty.

3. Calculate scheme losses

An accountant calculates the scheme loss using rules set out legislation and information provided by the scheme. We liaise with the scheme trustee during this process.

4. Consult with trustees

Trustees have a duty to seek scheme recoveries under the legislation. We’ll consult with trustees to:

Determine whether any recoveries are attributable to dishonesty.
Determine when we think further recoveries of value are unlikely to be obtained without disproportionate cost or within a reasonable time (which is known as the ‘settlement date’).

These recoveries take time as they are often complex and can involve litigation or overseas elements.

5. Calculate compensation

The amount of compensation we pay to a scheme varies from case to case. It's calculated based on the scheme loss taking into account any recoveries and other adjustments set out in the legislation.

Interim payments

If the scheme has exhausted all of its assets, you can ask us to make an interim payment to help with costs associated with the FCF application.

Interim payments are subject to our discretion. We can only pay them if the scheme can’t meet liabilities and if the dishonesty requirement and other eligibility conditions may be is met.

We expect interim payments to be used for fees associated with accountancy, obtaining evidence and obtaining recoveries receiving legal advice. You need to provide details of the expected costs, and we’ll decide if we can make an interim payment.

We expect to make interim payments in instalments, and we’ll monitor the use and further need for interim payments to ensure they aren’t excessive. We’ll subtract detract the sum of the interim payments from the final Fraud Compensation payment.

After we’ve received your application

We’ll let you know if we need any more information. Compensation from us is the last resort and in accordance with the law we need to assess the evidence and consider whether assets can be recovered.

When we have all the necessary information, we’ll make a decision and let you, or your representative, know as soon as possible. An explanation of the reasons behind our decision will be provided.

We work quickly to ensure that the assessment is completed between 6 months and 2 years.

If you disagree with our decision

If you or your representatives want to ask a question about a decision, you should contact us. We can often sort out any problems or concerns quickly and easily.

You can make a formal request to review the decision. This can generally be made within 28 days of the date the decision is received.

We’ll send information about how and when to request a review with any decision letter.