Important Customer Information


What has happened?

On 30 November 2008, the High Court made an Administration Order in relation to London Scottish Bank plc (‘LSB’) and Margaret Mills, Tom Jack, Simon Allport and Tom Burton were appointed as Joint Administrators. The application for an Administration Order was made by the Directors under the provisions of paragraph 12 of Schedule B1 to the Insolvency Act 1986. On 30 June 2013 Tom Burton was removed as Joint Administrator, due to his retirement from Ernst & Young LLP.

Also, on 3 December 2008, Tom Burton and Simon Allport were appointed as Joint Administrators to London Scottish Finance Limited (‘LSF’). The appointment was made by LSF’s directors pursuant to Paragraph 22(2) of Schedule B1 to the Insolvency Act 1986. On 17 June 2013 the court agreed to remove Tom Burton as Joint Administrator of LSF, due to his retirement from Ernst & Young LLP, and Tom Jack replaced him.

LSF Progress Reports

Further to our letter dated 29 December 2015, you can review the Joint Administrators December 2015 progress report by clicking on the link below:

LSF Progress Report December 2015

Ceased to trade

LSB and LSF (together ‘the Companies’) have now ceased to trade. The Companies are no longer authorised by the Prudential Regulation Authority (‘PRA’) and are no longer regulated by the PRA and the Financial Conduct Authority (‘FCA’), which took effect from 24 April 2015.

Dividends

On the 29 December 2015 we wrote to all known creditors within the London Scottish group to give notice of an intended/proposed dividend, requesting submission of any outstanding Proof of Debts on or before 28 January 2016, being the last date for proving.

No further claims can be considered now that this date has passed.

The final dividend will be declared and paid within two months of 28 January 2016.

Court Order dated 26 January 2016

The Joint Administrators of London Scottish Finance Limited, had to apply to Court for directions in relation to certain credit balances that existed on their debt collector, Robinson Way Limited’s, system. As required by the Order, it is attached below.

Court Order dated 26 January 2016


For further information on a specific area please click on the headings below:

- Deposits

Eligible depositors have received their money in full. If you believe you had a deposit with London Scottish Bank plc and you have not received a refund then you need to apply to the Financial Services Compensation Scheme (‘FSCS’) to receive your deposit. Further detail can be found on the FSCS website www.fscs.org.uk/consumer/ or by phoning 0800 678 1100 or 0207 741 4100.

- All secured and unsecured borrowers

If you are a customer with a residential, buy-to-let or commercial mortgage:

If you have been advised that your mortgage or secured loan has been transferred you should continue to make payments against your mortgage and direct any queries to Target on the following numbers (calls may be monitored and recorded for quality and training purposes):

0845 300 1732 If you have an account management query

0800 015 3572 If your account is in arrears

If you have not been notified of an account transfer then any balance outstanding on your loan has been unconditionally and irrevocably written off and accordingly no further payments need to be made by you in relation to your account. If you make payments by standing order you need to contact your bank to stop any further payments.

If you are a customer with an unsecured loan:

If you have not been notified of an account transfer then any balance outstanding on your loan has been unconditionally and irrevocably written off and accordingly no further payments need to be made by you in relation to your account. If you make payments by standing order you need to contact your bank to stop any further payments.

If you have an unsecured claim or refund due

If you have received a letter to advise you may have an unsecured claim and / or refund due and you need further information please call 0161 333 2729.

- Information for all Trade Creditors

On the 29 December 2015 we wrote to all known creditors within the London Scottish group to give notice of an intended/proposed dividend, requesting submission of any outstanding Proof of Debts on or before 28 January 2016, being the last date for proving.

No further claims can be considered now that this date has passed.

The final dividend will be declared and paid within two months of 28 January 2016.

- Complaints

Whilst the Companies have continued to address complaints during the Administrations of the Companies, the process of winding down the Companies is now underway.

The FCA (Financial Conduct Authority) has confirmed that from 01 April 2015 the Companies no longer have to deal with complaints under FCA DISP rules.

From 01 April 2015, correspondence should be addressed as outlined below.

Information Requests

Any information requests (including PPI information requests) will need to be presented as Data Protection Subject Access Requests (DSARs) together with the appropriate £10.00 fee. These should be sent to London Scottish Bank plc (in Administration), c/o Ernst & Young LLP, 100 Barbirolli Square, Manchester, M2 3EY.

Please note that we currently estimate that the Companies will cease to deal with DSARs in May 2016, when the Joint Administrators currently expect to cease to act.

PPI Complaint – Unsecured loan incepted prior to 14 January 2005

WPlease note the Financial Ombudsman Service (‘FOS’) has confirmed that LSF is not in the FOS’ jurisdiction and therefore they have no ability to require LSF to review PPI claims incepted prior to 14 January 2005. Recently, the FOS has investigated whether the company who provided the actual insurance, Cardif Pinnacle (CP), was in jurisdiction to review PPI claims incepted prior to 14 January 2005. We were advised that the FOS had decided that CP is not in jurisdiction in respect of one specific LSF customer’s complaint. However, as the circumstances upon which the FOS relied in considering this complaint are essentially replicated in all sales of PPI by London Scottish, we consider it highly likely that the FOS would determine that CP are also not obliged to consider other complaints by LSF customers.

Whilst LSF is also not in jurisdiction, the Joint Administrators decided, in light of FOS’ decision, to review PPI claims relating to unsecured loans incepted prior to 14 January 2005 and, where claims were upheld and proof of debt forms were received, to admit claims for dividend purposes.

The last date for proving claims and submitting Proof of Debt forms in the Administration of LSF was 28 January 2016.

No further claims can be considered now that this date has passed.

PPI Complaint – Unsecured loan incepted from 14 January 2005

Where the unsecured loan was incepted from 14 January 2005 onwards, which was the date the FSA took on responsibility for regulating the selling of general insurance and the introduction of the Insurance Conduct of Business, you will need to forward your or your client’s complaint to the Financial Services Compensation Scheme (‘FSCS’) to address.

The FSCS can be contacted at Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, by telephone on 0800 678 1100 or 0207 741 4100 or by email via enquiries@fscs.org.uk.

PPI Complaint – Secured loan

Where you have been notified by letter that your secured loan account has been sold to Britannica II S.à r.l., acting in the name and on behalf of its compartment Templeton (‘Templeton’), you will need to forward your PPI complaint to Target Servicing Limited, PO Box 903, Newport, NP20 9NR.

Where the secured loan has not been sold to Templeton, please follow the processes for PPI Complaint for unsecured loans, as above.

PPI Complaint - Mortgages

If the account relates to a mortgage (i.e. not a secured loan and where the account number is in the format 117xxxxxx), no PPI was sold with any mortgage funded by LSB. All mortgages would have been sold via a broker and no information is held by LSB to determine if PPI was sold separately by the broker in these cases. As such, you should contact the broker involved in the sale of the mortgage.

Non PPI Complaint - Accounts sold to Templeton

Where you have been notified by letter that your mortgage account or secured loan has been sold to Templeton, you will need to forward your complaint to Target Servicing Limited, PO Box 903, Newport, NP20 9NR.

Non PPI Complaint – All other accounts

The last date for proving claims and submitting Proof of Debt forms in the Administrations of LSB and LSF was 28 January 2016. As this date has now passed, no further claims can be considered, therefore please do not forward any Proof of Debt forms or documentation in support of claims to the Joint Administrators.


Margaret Mills, Tom Jack and Simon Allport
Joint Administrators of LSB

Simon Allport and Tom Jack
Joint Administrators of LSF


The Institute of Chartered Accountants in England and Wales authorises Margaret Elizabeth Mills, Thomas Andrew Jack and Simon Allport to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986.

The affairs, business and property of LSB are being managed by the Joint Administrators, M E Mills, T A Jack and S Allport. The Joint Administrators act as agents of LSB only and without personal liability.

The affairs, business and property of LSF are being managed by the Joint Administrators T A Jack and S Allport. The Joint Administrators act as agents of LSF only and without personal liability.