COMP Sch 5 Rights of action for damages
1. |
The table below sets out the rules in COMP, contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
|
2. |
If a "yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 unless a "yes" appears in the column headed "Removed". A "yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
|
3. |
In accordance with the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256) a "private person" is: |
|
i |
any individual, except when acting in the course of carrying on a regulated activity; and |
|
ii |
any person who is not an individual, except when acting in the course of carrying on business of any kind; |
|
but does not include a government, local authority or an international organisation. |
||
4. |
The column headed "For other person?" indicates whether the rule is actionable by a person other than a private person, in accordance with those Regulations. If so, an indication of the type of person by whom the rule is actionable is given. |
|
5. |
The vast majority of rules in COMP are rules to which the FSCS is subject. No right of action arises under section 150 for breach of these rules, as the FSCS is not an authorised person. |
|