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COMP 12.2 Quantification: general

COMP 12.2.1R

The amount of compensation payable to the claimant in respect of:5

  1. (1)

    any type of protected claim other than a claim for a protected deposit is the amount of his overall net claim against the relevant person at the quantification date; and

  2. (2)

    any claim for a protected deposit is the amount of his overall gross claim against the relevant person at the quantification date;

and any reference in COMP to overall claim means "overall net claim" or "overall gross claim" as appropriate.5

COMP 12.2.2R

COMP 12.2.1 R is, however, subject to the other provisions of COMP, in particular those rules that set limits on the amount of compensation payable for various types of protected claim. The limits are set out in COMP 10.

COMP 12.2.3G

Where a liability of a relevant person to an eligible claimant could fall within more than one type of protected claim (see COMP 5.2.1 R), for example a claim in connection with money held by an MiFID investment firm2 that is also a credit institution, the FSCS should seek to ensure that the claimant does not receive any further compensation payment from the FSCS in cases where the claimant has already received compensation from the FSCS in respect of that claim.

2

Overall net claim

COMP 12.2.4R

A claimant's overall claim5 is the sum of the protected claims of the same category that he has against a relevant person in default, less the amount of any liability which the relevant person may set off against any of those claims (see COMP 10.2.2 G).

COMP 12.2.5G

For the different categories of protected claim, see COMP 5 and COMP 10.2.3 R.

COMP 12.2.6G

In calculating the claimant's overall claim5, the FSCS may rely, to the extent that it is relevant, on any determination by:

  1. (1)

    a court of competent jurisdiction;

  2. (2)

    a trustee in bankruptcy;

  3. (3)

    a liquidator;

  4. (4)

    any other recognised insolvency practitioner;

and on the certification of any net sum due which is made in default proceedings of any exchange or clearing house.

Overall gross claim

COMP 12.2.6AR

A claimant's overall gross claim is the sum of the claims for protected deposits that he has against a relevant person in default.5

Payments to the claimant5

COMP 12.2.7R

The FSCS3 must take into account any payments to the claimant (including amounts recovered by the FSCS on behalf of the claimant) made by the relevant person or the FSCS or any other person, if that payment is connected with the relevant person's liability to the claimant:

3
  1. (1)

    in calculating the claimant's overall claim;5 and

    34
  2. (2)

    for a claim for a protected deposit, by reducing the amount of compensation by the FSCS retention sum that the FSCS would have retained if it had made those recoveries itself.3

1

Time for calculation of compensation due to the claimant5

COMP 12.2.8R

1The FSCS must calculate the amount of compensation due to the claimant as soon as reasonably possible after it is satisfied that the conditions in COMP 3.2.1 R have been met.

Amounts paid by the Society5

COMP 12.2.9R

In calculating the claimant's overall claim5 the FSCS must take into account the amounts paid by, or expected to be paid by, the Society from the Central Fund to meet a member's liabilities under the contract which gives rise to the claim.