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Status: You are viewing the version of the handbook as on 2005-12-31.

COMP 13.3 Exemption

COMP 13.3.1R
  1. (1)

    A participant firm which does not conduct business that could give rise to a protected claim by an eligible claimant and has no reasonable likelihood of doing so is exempt from a specific costs levy, or a compensation costs levy, or both, provided that:

    1. (a)

      it has notified the FSCS in writing that those conditions apply; and

    2. (b)

      the conditions in fact continue to apply.

  2. (2)

    The exemption takes effect from the date on which the notice was received by the FSCS, subject to COMP 13.3.6 R.1

COMP 13.3.1AR

2COMP 13.3.1 R does not apply to a participant firm that may be subject to a claim under COMP 3.2.4 R.

COMP 13.3.1BG

2A participant firm to which COMP 13.3.1A R applies must report annual eligible income in accordance with COMP 13.6.11 R. Such a participant firm may take advantage of the option to report its annual income attributable to business conducted with or on behalf of eligible claimants.

COMP 13.3.2R

[deleted]1

COMP 13.3.3G

[deleted]1

COMP 13.3.4R

A participant firm which is exempt under COMP 13.3.1 R must notify the FSCS in writing as soon as reasonably practicable if the conditions in COMP 13.3.1 R no longer apply.1

COMP 13.3.5G

A participant firm to which the conditions in COMP 13.3.1 R no longer apply will then become subject to COMP 13.4, 13.6, and 13.8

COMP 13.3.6R

If a participant firm ceases to conduct business that could give rise to a protected claim by an eligible claimant and notifies the FSCS of this under COMP 13.3.1 R (1), it will be treated as a participant firm to which COMP 13.8.7 R applies until the end of the financial year of the compensation scheme in which the notice was given.1

COMP 13.3.7G

1The financial year of the compensation scheme is the twelve months ending on 31 March.