COMP 4.2 Who is eligible to benefit from the protection provided by the FSCS?
Unless COMP 4.2.3 R applies, an eligible claimant is any person who at any material time:
- (1)
did not come within COMP 4.2.2 R; or
- (2)
did come within COMP 4.2.2 R, but satisfied the relevant exception in COMP 4.3.
Persons not eligible to claim unless COMP 4.3 applies (see COMP 4.2.1R)
This table belongs to COMP 4.2.1R
(1) |
Firms (other than a sole trader firm,; a credit union, a trustee of a stakeholder pension scheme (which is not an occupational pension scheme)2 or a small businesswhose claim arises out of a regulated activity for which they do not have a permission) |
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(2) |
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(3) |
Collective investment schemes, and anyone who is the operator or trustee of such a scheme |
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(4) |
Pension and retirement funds, and anyone who is a trustee of such a fund. However, this exclusion does not apply to:2 2 |
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(a) |
a trustee of a personal pension scheme or a stakeholder pension scheme (which is not an occupational pension scheme); or2 |
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(b) |
a trustee of a small self-administered scheme or an occupational pension scheme of an employer which is not a large company, large partnership or large mutual association.2 |
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(5) |
Supranational institutions, governments, and central administrative authorities |
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(6) |
Provincial, regional, local and municipal authorities |
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(7) |
Directors and managers of the relevant person in default. However, this exclusion does not apply if: |
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(a) |
both of the following apply: |
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(i) |
the relevant person in default is a mutual association which is not a large mutual association; and |
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(ii) |
the directors and managers do not receive a salary or other remuneration for services performed by them for the relevant person in default, or |
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(b) |
the relevant person in default is a credit union. |
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(8) |
Close relatives of persons excluded by (7) above |
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(9) |
Bodies corporate in the same group as the relevant person in default except bodies corporate which fall within COMP 4.2.2 R (4)(a) or (b).2 |
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(10) |
Persons holding 5% or more of the capital of the relevant person in default, or of any body corporate in the samegroup |
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(11) |
The auditors of the relevant person in default, or of any body corporate in the same group as the relevant person in default, or any33 actuary appointed under SUP 4 (Actuaries) by 3 a friendly society or insurance undertaking in default |
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(12) |
Persons who, in the opinion of theFSCS, are responsible for, or have contributed to, the relevant person's default |
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(13) |
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(14) |
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(15) |
Persons whose claim arises from transactions in connection with which they have been convicted of an offence of money laundering. |
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(16) |
Persons whose claim arises under the Third Parties (Rights against Insurers) Act 1930 |
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(17) 1 |
Where the claim is in relation to a protected contract of insurance or protected non-investment insurance mediation, body corporate, partnerships, mutual associations and unincorporated associations which are not small businesses.1 |
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A person who is a small business is an eligible claimant in respect of a relevant general insurance contract entered into before commencement only if the person is a partnership.