Falcon Brokers ICF compensation commences: What are the procedures?

Consistent to CySEC’s decision, Falcon Brokers ICF compensation commences today and the former clients of the broker are now eligible for a refund. What is the procedure?

7 November, AtoZForex – An announcement was released today by the Investor Compensation Fund (ICF) announcing the start of the compensation process to Falcon Brokers Ltd. clients. Falcon Brokers already lost their license since April 2014. The company was located at 41 Kolonakiou Avenue, Limassol, Cyprus.

How to claim the compensation from ICF?

ICF included in their announcement that the former clients of the now defunct Falcon Brokers limited, must submit their claims before the 30th of April 2017. Furthermore, the ICF announced that there are two ways to submit the claim. The clients can submit the claim in an online application form which will be found on CySEC website.

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Another possibility is to submit a simple letter to the offices of the ICF, which needs to include all the evidence related to the case. Clients can send the letter by post or deliver it in person to the following office address of the ICF: 27 Diagorou Str., 2nd floor, 1097 Nicosia, Cyprus.

What evidence do you need include for the compensation claim?

To apply for the compensation claim must include one of the following evidence:

  • Particulars of the claimant (name, address, Identity Card / Passport No., telephone and fax, and email address, numbers);
  • The name of the ICF member against which the application is submitted and the client code or the investment account number;
  • A copy of the covered services agreement between ICF member and the claimant;
  • The type and amount of claims by the claimant;
  • A copy of the last statement of account from the transaction platform used by ICF member;
  • A copy of the last statement of deposits and withdrawals from the account done by the claimant;
  • Copies of documents proving deposits by the claimant to the ICF member;
  • Description of fact and evidence giving rise to the alleged claims by the claimant and the amount of claims along with specific references to actions or omissions if the ICF member;
  • References and copies of correspondence with the ICF member concerned;
  • A written statement saying that all evidence and documents provided included in the application are correct complete and accurate.

Lastly, the former clients of the broker should know that the ICF reserves its right to request any additional documents or evidence from the claimants. Only complete and valid claims will become eligible for compensation.

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