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Report On The Deposit Guarantee System Of Citibank International plc

 

COMPENSATION


  1. The UK Financial Services Compensation Scheme (the "Scheme") provides compensation in certain instances where Citibank International plc Greece Branch is unable, or likely to be unable, to satisfy protected claims against it. In such circumstances, the Scheme may provide compensation for claims relating to various services provided by Citibank International plc Greece Branch such as deposit-taking and investment business. However, the Scheme is governed by specific rules on compensation which determine your eligibility, the circumstances in which compensation will be available to you, and the limits on compensation payable to you. Any recovery under the Scheme is therefore subject to your specific circumstances, the nature of your claim and the specific rules of the Scheme.


  2. Claims under the Scheme in relation to deposits and investment business are subject to maximum limits on compensation, as published from time to time on the FSCS website. It is not possible to claim an amount in excess of the published limit even where the financial loss suffered or the amount of initial deposit or investment is higher. The compensation limit for deposits as at January 2011 is set at 100% of the first 85,000 per client per authorised firm. The limit for investment business as at January 2011 is set at 100% of 50,000 per client per authorised firm. Up-to-date information on the limits applicable under the Scheme are available at: http://www.fscs.org.uk


  3. The Scheme also covers certain instances where Citibank International plc Greece Branch advises on or arranges certain general insurance products and is subsequently unable, or likely to be unable, to satisfy claims in connection with such activities. The amount of cover available under the Scheme depends on the precise terms of the product and your personal circumstances and is subject, in most cases, to maximum limits. The limit for general insurance mediation activities (with certain exceptions) as at January 2011 is set at 90% of the claim with no upper limit.


  4. Where Citibank International plc Greece Branch is responsible solely for arranging for you to enter into an insurance Product with another provider (the insurer), you should be aware that the Scheme will only cover a situation where Citibank International plc Greece Branch cannot meet its obligations and not where the third party insurer is unable to do so, unless that third party provider is separately covered by the Scheme.


  5. 1.5 We will provide further information on the conditions governing compensation and the formalities which must be completed to obtain compensation upon request. More detailed information on the Scheme is also available from the Scheme's website: http://www.fscs.org.uk or you can contact the Scheme at 7th Floor, Lloyds Chambers, Portsoken Street, London E1 8BN (Tel: 020 7741 4100; E-mail: enquiries@fscs.org.uk).

 

 

 
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