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    2024-11-19

COMP 7.1 Application

Application and Purpose

COMP 7.1.1R

This chapter applies to the FSCS.

COMP 7.1.2G

It is also relevant to claimants.

Purpose

COMP 7.1.3G

The FSCS may (and in some cases must) 1make an offer of compensation conditional on the assignment of rights to it by a claimant. The FSCS may also be subrogated automatically to the claimant's rights.1The purpose of this chapter is to make provision for and set out the consequences of an assignment or subrogation 1of the claimant's rights.

COMP 7.1.4G

2In relation to claims in connection with funeral plan provision activity, the FSCS may:

  1. (1)

    vary existing rights and obligations in connection with trust arrangements and contracts of insurance relating to the relevant funeral plan contract entered into or carried out by the relevant person or successor; and

  2. (2)

    create new rights in favour of, or obligations to, the FSCS that override such existing rights or obligations.

This chapter also makes provision for and sets out the consequences of such a variation or creation of new rights and/or obligations: see COMP 7.7.