This chapter applies to the FSCS.
It is also relevant to those who may wish to bring a claim for compensation.
The purpose of this chapter is to set out the types of person who are able to claim compensation or benefit from the protection the FSCS is able to provide. A claimant needs to be an eligible claimant to satisfy COMP 3.2.1R(1).
Unless COMP 4.2.3 R applies, an eligible claimant is any person who at any material time:
did not come within COMP 4.2.2 R; or
did come within COMP 4.2.2 R, but satisfied the relevant exception in COMP 4.3 or COMP 4.45.
This table belongs to COMP 4.2.1R
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(1) |
Firms (other than a sole trader firm;4a credit union;4a trustee of a stakeholder pension scheme (which is not an occupational pension scheme)2 or personal pension scheme; a firm carrying on the regulated activity of operating, or winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme;4 or a small business; in each case,4whoseclaim 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 theoperatorordepositaryof such ascheme.9 9 |
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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 ); or 2 |
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(b) |
a trustee of 11 an occupational pension scheme 11 insofar as members’ benefits are money-purchase benefits ; or 11 2 |
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11 (c) |
11 insofar as members’ benefits are not money-purchase benefits , a trustee of an occupational pension scheme of an employer which is not a large company , large partnership or large mutual association . |
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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 of the relevant person in default 11 or, in respect of a claim against a successor in default , directors of any successor or directors of the relevant person 11 . However, this exclusion does not apply if: 7 |
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11 (a) |
(i) |
the relevant person in default is a mutual association which is not a large mutual association 11 and 11 the directors do not receive a salary or other remuneration for services performed by them for the relevant person in default ; or 11 |
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(ii) |
11 in respect of a claim against a successor in default , the relevant person or a successor , to whichever the directorship relates, is a mutual association 12 which is not a large mutual association and the directors do not receive a salary or other remuneration for services performed by them for the relevant person or a successor , as applicable; or 11 7 |
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(b) |
11 (i) |
the relevant person in default is a credit union; or |
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11 (ii) |
11 in respect of a claim against a successor in default , the relevant person or a successor , to whichever the directorship relates, is a credit union . |
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(8) |
[deleted]7 7 |
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(9) |
Bodies corporate in the same group as the relevant person in default or, in respect of a claim against a successor in default , bodies corporate in the same group as a successor or the relevant person , as applicable, 11 unless that body corporate is: 4 4 |
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(a) |
a trustee of11 a stakeholder pension scheme (which is not an occupational pension scheme) or a personal pension scheme (but in each case if the trustee is a firm it will only be an eligible claimant if its claim arises out of a regulated activity for which it does not have a permission); or11 6 |
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11(aa) |
11(if the claim is with respect to a long-term insurance contract) a trustee of an occupational pension scheme; or |
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11(ab) |
11(if the claim is not with respect to a long-term insurance contract), a trustee of: |
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11(i) |
11an occupational pension scheme in relation to members’ benefits which are money-purchase benefits; or |
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11(ii) |
11(unless (i) applies) an occupational pension scheme of an employer which is not a large company, large partnership or large mutual association; or |
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(b)6 |
carrying on the regulated activity of operating or winding up a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme. |
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(10) |
[deleted]7 7 |
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(11) |
[deleted]7 7 |
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(12) |
Persons who, in the opinion of the FSCS, are responsible for, or have contributed to, the relevant person's11(or, where applicable, a successor’s) default |
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(13) |
10 | ||
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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.18 |
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8 (18) |
Alternative investment funds, and anyone who is the AIFM or depositary of an alternative investment fund. |
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10(19) |
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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.
A person other than one which comes within any of categories (7), (9), (12) or 6(15) of COMP 4.2.2R is eligible to claim compensation in respect of a long term insurance contract.
6A person falling within categories (1)-(4) of COMP 4.2.2 R is eligible to claim compensation in respect of a relevant general insurance contract if, at the date the contract commenced he was a small business.
Where the contract has been renewed, the last renewal date shall be taken as the commencement date.
A partnership which falls3 within category 14, or category 17, or both 3of COMP 4.2.2R is eligible to claim compensation in respect of a relevant general insurance contract entered into before commencement.
3A person who comes within COMP 4.2.2R is eligible to claim compensation in respect of a liability subject to compulsory insurance if the claim is:2
a claim under a protected contract of insurance; or2
a claim in connection with protected non-investment insurance mediation.2
6The FSCS may treat a person who comes within category (7) or (12) of COMP 4.2.2 R as eligible to claim compensation where:
this is desirable to achieve the efficient performance of any of its functions, including without limitation, to facilitate a transfer of business or any part thereof, to secure the issue of policies by another firm to eligible claimants in substitution for their existing policies, to achieve the efficient payment of compensation, to secure under COMP 3.3.2C R the payment of benefits under a long term insurance contract; and
treating these persons as eligible to claim compensation would, in the opinion of the FSCS, be beneficial to the generality of eligible claimants who will be affected by the action in (1).
8A person is eligible to claim compensation for claims made in connection with protected investment business if, at the date at which the relevant person9(or, where applicable, a successor) 9is deemed to be in default, he:
came within category (14) of COMP 4.2.2 R and he does not exceed the limits for a body corporate which qualifies as a small company under section 247 of the Companies Act 1985 or section 382 of the Companies Act 2006 as applicable; or
came within category (19) of COMP 4.2.2 R.
