The Investor Compensation Company Limited (ICCL) has invited applications for payment of compensation for missing funds from clients of Cork-based broker Andrew Casey Life and Pensions.
Investors who have lost funds are entitled to compensation for 90 per cent of their net loss or €20,000 (£15,751), whichever is the lesser.
The Central Bank has appointed an administrator to establish the entitlement of clients to compensation after determining that Mr Casey was unable to meet his obligations to his clients. Eligible investors will be paid within three months of the date on which the investor's loss is certified to ICCL by the administrator.
The amount of money missing in relation to Andrew Casey Life and Pensions is not known, though complaints involving a total of £300,000 are understood to have been made to the Garda Fraud Squad.
Some of the complaints to the Garda are believed to relate to investments going back to the earlier part of the 1990s.
There has been some concern about the entitlements of those who took out life assurance policies through Mr Casey before August 1st, 1998, the date the Investor Compensation Act, which set up the ICCL, came into existence.
A Central Bank spokesman said yesterday the bank, as administrator, would wait for all the claims to come in before assessing them and interpreting legislation in this regard.
Applications for compensation, which must be submitted by March 15th, 2000, should be sent to Mr Bernard Sheridan, chief operations officer, ICCL, c/o Central Bank of Ireland, PO Box 559, Dame Street, Dublin 2. Application forms for compensation are available from this address or by ringing 01 671 6666 (ext 4722).
