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  1. Point in time
    2005-04-21

COMP 13.1 Application and Purpose

Application

COMP 13.1.1R

This chapter applies to:

  1. (1)

    every participant firm;

  2. (2)

    the FSCS; and

  3. (3)

    the Society.

COMP 13.1.2G

Firms which are not participant firms (such as certain types of incoming EEA firms, service companies and ICVCs) are not required to contribute towards the funding of the compensation scheme.

COMP 13.1.2AG

Although a member is a participant firm for the purposes of most provisions of COMP, a member is excluded from the definition of participant firm for the purposes of COMP 13 (see definition of participant firm in Glossary). This is because the fees levied in relation to the carrying on of insurance market activities by members will be imposed on Society rather than individually on each member (see COMP 13.4.21 R).

Purpose

COMP 13.1.3G

The purpose of this chapter is to set out the requirements on participant firms to pay levies imposed by the FSCS to provide funding for its functions.