The settlement of the “splits” affair has been taken one stage further by the establishment of the Channel Islands Splits Adjudication Schem...

The settlement of the “splits” affair has been taken one stage further by the establishment of the Channel Islands Splits Adjudication Scheme ("CISAS") by the Jersey Financial Services Commission, the Guernsey Financial Services Commission and a number of firms involved in the affair.

CISAS has been set up to provide customers of Channel Islands firms with an independent adjudication service to resolve complaints relating to splits investments. It is entirely separate and independent from Fund Distribution Limited, a company that was set up to make distributions to small and private investors who had lost money in split capital scheme. However, CISAS will not be able to consider a complaint about an investment if the investor is waiting for the results of an application for a distribution from FDL in respect of the same investment or has accepted a distribution from FDL.

In dealing with complaints, CISAS has been designed to mirror the scope of, and remedies available through, the UK’s Financial Ombudsman Service. Before making a complaint to CISAS, customers must have complained to the firm.

The firms participating in CISAS are:

• Aberdeen Asset Managers Jersey Limited
• Aberdeen Private Wealth Management Limited
• Brewin Dolphin Securities Limited
• Collins Stewart (CI) Limited
• HSBC Investments (International) Limited (formerly HSBC Investment Management (International) Limited) as the continuing company post merger of Le Masurier James & Chinn Limited
• Insinger de Beaufort (International) Limited
• Legg Mason Investments Europe Limited.