COMP 12A.3 Collective investment schemes

If a claimant has a claim in its capacity as a collective investment scheme, or anyone who is an operator, depositary, manager or trustee of such a scheme, and the conditions in (2) are met:

1. (a)

   the FSCS must treat the participant or participants as having the claim, and not the claimant;

2. (b)

   COMP 12A.1.6R and COMP 12A.1.7R apply, reading “trustee” as “collective investment scheme, or anyone who is an operator, depositary, manager or trustee of such a scheme”, “trust” as “collective investment scheme” and “beneficiary” as “participant”.

The conditions referred to in (1) are:

1. (a)

   the claim is against a relevant person:

   1. (i)

      acting in the capacity of manager or depositary of the collective investment scheme; or

   2. (ii)

      in connection with that person’s managing investments or safeguarding and administering investments; and

2. (b)

   as a result of the matters in (a), a participant in the collective investment scheme has suffered loss but the participant has no claim for that loss against that relevant person.