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COMP 6.1 Application and Purpose

Application

COMP 6.1.1R

This chapter applies to the FSCS.

COMP 6.1.2G

It is also relevant to claimants.

Purpose

COMP 6.1.3G

The purpose of this chapter is to specify the types of person against whom a claimant must have a claim in order to be eligible for compensation, and when those persons are 'in default'. Generally, this occurs when they are insolvent or unable to meet their liabilities to claimants.

COMP 6.1.4G

To be eligible for compensation a claimant's claim must be against a relevant person 1(or, where applicable, a successor) 1in default: see COMP 3.2.1 R (2).