Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

You are viewing the version of the document as on 2021-03-26.

Timeline guidance

COMP 1.3 Claimants

COMP 1.3.1G

The FSCS8 provides information to claimants and potential claimants about the way the FSCS works and the procedures that need to be followed when making a claim. The FSCS can be contacted at Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU7, or by telephone or fax (Tel: 0800 678 1100 or Fax: 020 7741 4100)7.

COMP 1.3.2G

Information about the operation of the FSCS and how to claim is also available from the FSCS website (www.fscs.org.uk).

COMP 1.3.3G

Areas of particular interest to claimants (see COMP 1.1.3G).

This Table belongs to COMP 1.1.3 G4.

4

Q1

What do I need to do in order to receive compensation?

A1

In order to receive compensation:

(-1)

If your claim is for a deposit or under a contract of insurance, see the PRA’s Depositor Protection or Policyholder Protection rules;8

(1)

you must be an eligible claimant;

COMP 4.2

(2)

you must have a protected claim;

COMP 5.213

(3)

you must be claiming against a relevant person 6or a successor6;

COMP 6.2.1 R

(4)

where the claim is against a relevant person, 6the relevant person must be default6; or where the claim is against a successor, the successor must be in default6.

COMP 6.36; COMP 6.3A 6

In addition, if the FSCS requires you to do so, you must assign your legal rights in the claim to the FSCS.

COMP 7.2

And you must bring your claim to the FSCS within a set time (normally within six years of the date on which your claim against the relevant person occurred).

COMP 8.2.3 R - COMP 8.2.5 R

It is possible, in certain circumstances, for someone else to make a claim on your behalf.

COMP 3.2.2 R2

Q2

How much compensation will I be offered?

A21

This depends on whether your protected claim is:

(1)

[deleted] 6

5

6

(2)

[deleted] 6

6

(3)

a claim in connection with protected investment business; or1

COMP 5.5

(4)13

a claim in connection with protected home finance mediation;4 or13

4

COMP 5.61

(5)3

a claim in connection with protected non-investment insurance distribution9.3

COMP 5.73

Different limits apply to different types of claim.

COMP 10.2.3 R2

Q3

How will the FSCS calculate the compensation that is offered to me?

A3

Again, this will depend on whether your protected claim is:

4

(1)

[deleted] 6

55

6

(2)

[deleted] 6

53

6

(3)

a claim in connection with protected investment business; or3

COMP 12.2.1 R, COMP 12.3.5 R and COMP 12.4.2 R

(4)13

a claim in connection with protected home finance mediation; or5413

4

COMP 12.4.17 R1

(5)3

a claim in connection with protected non-investment insurance distribution9.3

COMP 12.4.20 R3

Certain types of protected investment business claim require the FSCS to use a particular method of calculation.

COMP 12.4.5 R

Q4

[deleted] 6

6

6

6

6

6

6

6

6

6

6

6

2