COMP 6.2 Who is a relevant person?
A relevant person is a person who was, at the time the act or omission giving rise to the claim against it took place:
- (1)
a participant firm; or
- (2)
an appointed representative of a participant firm.
A pre-IP completion day incoming EEA firm12 may be a participant firm in respect of acts or omissions before IP completion day11that give rise to a claim against it.
9A TP firm to which regulation 8 or 11 of the EU Exit Passport Regulations applies, that is not to be regarded as a relevant person under section 213(9A) of the Act (as inserted by regulation 24 of the EU Exit Passport Regulations) is not a participant firm. A TP firm to which regulation 28 or 34 of the EU Exit Passport Regulations applies, that is not to be regarded as a relevant person under section 213(9A) of the Act (as inserted by regulation 70 of the EU Exit Passport Regulations) is not a participant firm. For the purposes of the FCA’s compensation rules, this means that most (but not all) TP firms operating in the UK without an establishment are not participant firms.12
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