COMP 12.3 Quantification date

1. (1)

   4For a protected deposit claim, the quantification date is the date the relevant person is determined to be in default.

2. (2)

   4If a protected deposit was not due and payable on or before the date that the relevant person was determined to be in default, the FSCS must nevertheless treat that date as the quantification date for that deposit and pay compensation comprising:

   1. (a)

      the principal sum on the basis that it is due and payable on that date;

   2. (b)

      interest or premium accrued to that date; and

   3. (c)

      unaccrued interest or premium attributable to or arising in respect of the period to that date.

For a claim under a protected contract of insurance that is a long-term insurance contract, the FSCS must determine as the quantification date a specific date by reference to which the liability of the relevant person to the eligible claimant is to be determined.

For a claim under a protected contract of insurance that is a relevant general insurance contract, the FSCS must determine as the quantification date a specific date by reference to which the liability of the relevant person to the eligible claimant is to be determined.

For a claim in respect of the unexpired premiums under a protected contract of insurance that is a relevant general insurance contract (see COMP 5.4.7 R (3)), the quantification date, being the date by which the liability of the relevant person to the eligible claimant is to be determined, is the date the policy was terminated or cancelled.

For a claim made in connection with protected investment business which is not an ICD claim, the FSCS must determine a specific date as the quantification date, and this date may be either on, before or after the date of the determination of default.

For a claim made in connection with protected investment business which is an ICD claim, the quantification date is the date the relevant person is determined to be in default.

21For a claim made in connection with protected home finance mediation3, the FSCS must determine a specific date as the quantification date, and this date may be either on, before or after the date of determination of default.

2For a claim made in connection with protected non-investment insurance mediation, the FSCS must determine a specific date as the quantification date, and this date may be either on, before or after the date of determination of default.