COMP App 1.2 Payments to Her Majesty’s Treasury

1Where, after the FSCS has paid compensation to a bondholder under the LCF Compensation Scheme, the FSCS subsequently determines that the conditions in COMP 3.2.1R are satisfied in relation to a protected claim against London Capital & Finance plc and/or a third party, the following rule in COMP 11.2 applies with the modifications shown below (new wording is underlined and deleted wording is struck through):

Note: Under Part 15A of the Act, Her Majesty’s Treasury may, by notice, require the FSCS to exercise specified functions in respect of specified claims for compensation under a scheme or arrangement established for the payment of compensation to customers of persons who provide financial services or carry on a business connected with the provision of such services. The FCA may by rules make provision in connection with the exercise by the FSCS of functions in respect of such a scheme and apply any provision of the compensation scheme to it with or without modification. This Appendix sets out the FCA’s rules, as modified, that apply where the FSCS exercises its functions in respect of the LCF Compensation Scheme.

The LCF Compensation Scheme is administered in accordance with the LCF Compensation Scheme Rules. These rules, and more information, are available at https://www.gov.uk/lcfcompensationscheme.