Latest update from helpline.
Everyone in the 300 category will receive a Cheque and letter detailing what is happening by end of the month.
2 categories of accounts. Open accounts and closed accounts.
Open accounts will receive initial payment of 5k with their letter. The balance due to be paid by end October once full calculations of interest plus compensation plus tracker review complete.
Closed accounts will receive larger payment by end of August with same letter. The larger payment is based of FSPO 12% decision (a capital reduction equivalent). These accounts will go through same review as open accounts and receive another smaller payment by end Oct including a financial advisor/legal advise payment.
Letters have already started to issue so some should get it this week.