The scope of the Chartered Accountants Compensation Scheme is set out in the Chartered Accountants Compensation Scheme (CACS) Regulations. These stipulate that:
- the firm must have been authorised or licensed by one of the institutes at the time the financial advice was provided;
- the loss must have arisen from the advice given;
- the firm must be insolvent; and
- there must be no other way of recovering compensation.
- An independent panel decides whether the claim falls within the terms of the scheme and the amount of compensation due.
The main change is in relation to Reg 2.01(c). The Scheme only applies now in respect of eligible claims brought in connection with investment business carried on by firms authorised under the Irish Investment Intermediaries Act 1995 on or before 31 July 2017. Review all of the changes that have been made in the schedule of amendments.
Chartered Accountants Compensation Scheme Ltd administers the scheme on behalf of the three institutes and they each bear a proportionate amount towards the costs.
The Chartered Accountants Compensation Scheme Board
The Chartered Accountants Compensation Scheme Board administers and manages the scheme. It also considers claims arising from investment business conducted by authorised/licensed firm under the investment business rulebooks.
For further information about the compensation scheme, or if you want to make a claim, please write to:
The Chartered Accountants Compensation Scheme Ltd.
Metropolitan House
321 Avebury Boulevard
Milton Keynes
MK9 2FZ
Phone: +44 (0)1908 546 378
Email: phil.o'halloran@icaew.com
