COMP 5.2 What is a protected claim?
A protected claim is:
- (1)
a claim for a protected deposit or a protected dormant account 6(see COMP 5.3); or
- (2)
a claim under a protected contract of insurance (see COMP 5.4); or
- (3)
a claim in connection with protected investment business (see COMP 5.5); or3
- (4)
a claim in connection with protected home finance mediation5 (see COMP 5.6); or34
5 - (5)
a claim in connection with protected non-investment insurance mediation (see COMP 5.7).42
7Notwithstanding COMP 5.2.1 R, where the relevant person in default:
- (1)
is an authorised professional firm that is subject to the rules of the Law Society (England and Wales) or the Law Society of Scotland; and
- (2)
with respect to its regulated activities, does not participate in the relevant society's compensation scheme:
a claim with respect to that person is only a protected claim if, when the basis for the claim arose, that person did not participate in the relevant society's compensation scheme with respect to its regulated activities.
Claims in respect of successors
8Where a claim for compensation is in respect of a claim against a successor, the following rules apply to the relevant person for whose liabilities the successor has assumed responsibility (or to such relevant person’s activities, as the case may be):
- (1)
- (2)
- (3)
- (4)
- (5)
8COMP 5.6.2R; and
- (6)