COMP TP 1 Transitional Provisions

1

COMP 5

R

Protected claims

Indefinitely

Commencement

(1)

A claim for a protected deposit or under a protected contract of insurance includes a claim in respect of an article 9 default, subject to (2)

(2)

A claim must be treated as a claim in relation to a protected contract of insurance under COMP 5.4.5 R if the conditions in article 9A or 710(1)(a)-(d) of the compensation transitionals order are satisfied.

Commencement but on 6 December 2006 for article 9A of the compensation transitionals order7

(3)

A claim in connection with protected investment business includes a claim in respect of a pending application.

(4)

Where the claim is in respect of an article 9 default or a pending application, the FSCS must apply the rules of the relevant former scheme, as they applied to the default before commencement, unless (2) applies.

(5)

The rules of each investment business compensation scheme are amended so that references to the person managing the scheme are replaced by references to the FSCS.

(6)

The rules of the Friendly Societies Protection Scheme are amended so that:

(a)

references to the person managing the scheme are replaced by references to the FSCS; and

(b)

References to functions conferred upon the Friendly Societies Protection Scheme Board are replaced by references to functions conferred upon the FSCS.

(7)

Where the default occurs after commencement, a claim for a protected deposit includes a claim that arose before commencement in respect of:

(a)

a deposit within the meaning of the Banking Act 1987; and

(b)

a claim in respect of a protected investment within the meaning of section 27 of the Building Societies Act 1986.

(8)

Where the default occurs after commencement, a claim in connection with protected investment business includes a claim that could have been entertained under an investment business compensation scheme (provided that the person making the claim has not also made a pending application arising out of the same set of facts).

2

COMP 13.5 andCOMP 13.6

R

Expired5

3

COMP 13.4.6 R andCOMP 13.6.7 R

R

Expired5

4

COMP 13.5.8 R

R

Expired5

5

COMP 6.2.1 R

R

Credit unions

Indefinitely

Commencement

In relation to a claim or potential claim referred to in (1) or (2), a relevant person is also any credit union which:

(1)

becomes unable, or is likely to become unable, to satisfy claims against it which relate to deposits which were accepted before 2 July 2002; or

(2)

(a)

has ceased to have Part IV permission by virtue of article 3(4) of the Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002 (SI 2002/704) (failure to comply with a direction to re-apply for Part IV permission); and

(b)

thereafter, becomes unable, or is likely to become unable, to satisfy claims against it which relate to deposits which were accepted on or after 2 July 2002 but before the date on which it ceased to have Part IV permission.1

6

COMP 6.2.1 R

G

In consequence of transitional provision 5R, compensation can be provided:

(a)

in respect of a credit union which is unable, or likely to become unable, to satisfy claims for protected deposits accepted before 2 July 2002; and

(b)

where a credit union has ceased to hold a Part IV permission (because of failure to comply with a direction to re-apply for the Part IV permission), for protected deposits accepted on or after 2 July 2002 but before the date at which it ceased to have the Part IV permission.1

7

COMP 6.2.1 R

G

In consequence of transitional provision 5R(1), a credit union becomes a relevant person in respect of deposits accepted before 2 July 2002.1

8

Amendments introduced by the Compensation Sourcebook (Amendment No.2) Instrument 2003.

R

Provisions and definitions arising out of (2) only apply to defaults, or circumstances giving rise to arrangements made under COMP 3.3.1 R or to measures taken under COMP or to measures taken under COMP 3.3.3 R, occurring after the date in (6)

Indefinitely

1 December 20032

9

COMP 13.6.8 R

R

Expired5

103

COMP 5.7.1 R, COMP 13.4.7 R and COMP 13.6.9 R3

R3

Rules not in effect.3

31 October 2004 to 13 January 20053

31 October 20043

113

FEES 6.3.1 R, FEES 6.3.22 R, FEES 6.4.8 R, FEES 6.4.6 R, FEES 6.5.1 R and FEES 6.5.6 R4

R3

With regard to contribution group A.18 Mortgage lenders, advisers and arrangers, the management expenses levy and compensation costs levy for 2005/2006 may also take account of expenditure in the period 31 October 2004 to 31 March 2005.3

31 October 2004 to 31 March 20063

31 October 20043

123

FEES 6.5.7 R (4), FEES 6.3.22 R, FEES 6.4.6 R, FEES 6.4.8 R, FEES 6.5.1 R, and FEES 6.5.6 R4

R3

With regard to contribution group A.19 General insurance mediation, the management expenses levy and compensation costs levy for 2005/2006 may also take account of expenditure in the period 14 January 2005 to 31 March 2005.3

14 January 2005 to 31 March 20063

31 October 20043

133

FEES 6.5.7 R (4), FEES 6.5.10 R, and FEES 6.5.13 R (2)4

R3

For the period 31 October 2004 to 31 March 2006 the tariff base will be the annual income (relating to the relevant contribution group) reported in accordance with note 3 to AUTH 4 Annex 2 R or, if the firm prefers, that amount of its annual income which is attributable to business conducted with eligible claimants but only if the firm notifies FSCS of the amount by 28 February 2005.3

31 October 2004 to 31 March 20063

31 October 20043

143

FEES 6.5.7 R (5), FEES 6.5.11 R, and FEES 6.5.13 R (2)4

For the period 14 January 2005 to 31 March 2006 the tariff base will be the annual income (relating to the relevant contribution group) reported in accordance with note 3 to AUTH 4 Annex 2 R or, if the firm prefers, that amount of its annual income which is attributable to business conducted with eligible claimants but only if the firm notifies FSCS of the amount by 28 February 2005.3

14 January 2005 to 31 March 20063

31 October 20043

615

COMP 5.4.4 R (4)(a) and COMP 5.4.4 R (4)(b)

R

The changes to COMP 5.4.4 R (4) made in the Compensation Sourcebook (Amendment No 7) Instrument 2006 do not apply in relation to defaults declared before 6 June 2006.

Indefinitely

6 June 2006

816

COMP 10.2.3 R

R

The change to the limit for protected deposits made by the Compensation Sourcebook (Protected Deposits Limit) Instrument 2007 does not apply in relation to a claim against a relevant person that was in default before 1 October 2007.

From 1 October 2007 indefinitely

Amended with effect from 1 October 2007

917

Amendments introduced by the Compensation Sourcebook (Amendment No 8) Instrument 2008

R

Provisions and definitions arising out of (2) only apply to defaults on or occurring after 7 October 2008

From 7 October 2008 indefinitely

7 October 2008

1118

COMP 10.2.3 R

R

The change to the limit for protected deposits made by the Compensation Sourcebook (Deposit Guarantee Schemes Directive Amendments) Instrument 2009 does not apply in relation to a claim against a relevant person that was in default before 30 June 2009.

From 30 June 2009 indefinitely

30 June 2009

1019

Amendments to COMP 10.2.3 R introduced by the Financial Services Compensation Scheme 11(Limits Amendment) Instrument 2009

R

Provisions and definitions arising out of (2) only apply to defaults on or occurring after 1 January 2010.

From 1 January 2010 indefinitely

1 January 2010

1220

COMP 4.3.1 R

R

The change to the eligibility requirements for claimants for protected deposits made by the Financial Services Compensation Scheme (Banking Compensation Reform) Instrument 2009 does not apply in relation to a claim against a relevant person that was in default before 1 August 2009.

From 1 August 2009 indefinitely

1 August 2009

1321

COMP 17.3 and COMP 17.2.7 R

R

(1) This transitional provision applies to a firm to which COMP 17 will apply.

(2) If a firm operates less than 5,000 accounts held by eligible claimants, it may make or revoke an election (under COMP 17.2.7 R) that the electronic SCV rules do not apply.

(3) A firm that made a valid election under (2) must provide the FSA with an SCV pre-implementation report by 31 July 2010 based on the firm's progress as at 30 June 2010 which must:

(a) state the number of accounts held by eligible claimants as at 30 June 2010;

(b) confirm that the firm is making the election in (2); and

(c) state whether the firm's board of directors believes the firm will comply with the FSA's SCV requirements by 31 December 2010 and if not why not.

(4) A firm that has not made a valid election under (2) must provide the FSA with an SCV pre-implementation report by 30 July 2010 based on the firm's progress as at 30 June 2010 which must state:

(a) whether the firm has a plan for implementing the FSA's SCV requirements;

(b) how the firm proposes to transfer to the FSCS a single customer view for each eligible claimant including specifying the transfer method and format;

(c) the dates the firm started implementation and plans to end implementation and whether implementation is on time;

(d) whether the firm's board of directors believes implementation will be completed by 31 December 2010 and if not why not; and

(e) any issues that may impact on the firm's ability to implement by 31 December 2010.

From 6 December 2009 until 30 December 2010

31 December 2010

1322

COMP 17.3

R

A firm to which COMP 17 applies must provide the FSA with an SCV implementation report and a SCV report by 31 January 2011.

From 31 December 2010 until 31 January 2011

31 December 2010

1323

COMP 17.3.10 R and COMP 17.3.12 R

R

(1) A firm subject to the electronic SCV rules must provide the FSCS with a representative sample of 10% of its single customer views or 10,000 of its single customer views (whichever is the smaller number) by 31 January 2011.

(2) The FSCS must advise the FSA whether the information provided by a firm's SCV system is capable of being submitted to the FSCS and whether it is compatible with the FSCS's systems within six Months of receiving the information required by (1).

From 31 December 2010 until 31 July 2011

31 December 2010

1524

COMP 10.2.3 R

R

The change to the limit for protected deposits made by the Compensation Sourcebook (Deposit Guarantee Schemes Directive Amendments) (No 2) Instrument 2010 does not apply in relation to a claim against a relevant person that was in default before 31 December 2010.

From 31 December 2010 indefinitely

31 December 2010

1425

COMP 12.2.1 R and COMP 12.2.6A R and the amendment of all references in COMP (other than in COMP 12.2.1 R and the heading in respect of COMP 12.2.4 R) to “overall net claim” to “overall claim”

R

The changes referred to in (2) made by the Financial Services Compensation Scheme (Banking Compensation Reform) Instrument 2009 do not apply in relation to a claim against a relevant person that was in default before 31 December 2010.

From 31 December 2010 indefinitely

From 31 December 2010

1426

COMP 12.3.1 R and COMP 15.1.12 R

R

The changes referred to in (2) made by the Financial Services Compensation Scheme (Banking Compensation Reform) Instrument 2009 do not apply in relation to a claim against a relevant person that was in default before 31 December 2010.

From 31 December 2010 indefinitely

From 31 December 201016

1627

COMP 4.2.2 R(9)

R

The changes referred to in (2), made by the Compensation Sourcebook (Occupational Pension Scheme Trustees) Instrument 2011 do not apply in relation to a claim against a relevant person that was in default before 1 October 2011.

From 1 October 2011 indefinitely

From 1 October 201117

1728

COMP 16.3

R

A Northern Ireland credit union need not comply with COMP 16.3 until 30 September 2013.

From 31 March 2012 until 30 September 2013

For Northern Ireland credit unions 31 March 2012

1729

COMP 17

R

COMP 17 does not apply to a Northern Ireland credit union until 30 September 2012.

From 31 March 2012 until 30 September 2012

For Northern Ireland credit unions 31 March 2012

1730

COMP 17.3 and COMP 17.2.7 R

R

(1) This transitional provision applies to Northern Ireland credit unions.

(2) If a Northern Ireland credit union operates less than 5,000 accounts held by eligible claimants, it may make or revoke an election (under COMP 17.2.7 R) that the electronic SCV rules do not apply.

(3) A Northern Ireland credit union that has made a valid election under (2) must provide the FSA with an SCV pre-implementation report by 30 June 2012 based on the Northern Ireland credit union's progress as at 30 June 2012 which must:

(a) state the number of accounts held by eligible claimants as at 30 June 2012;

(b) confirm that the Northern Ireland credit union is making the election in (2); and

(c) state whether the Northern Ireland credit union's board of directors believes the Northern Ireland credit union will comply with the FSA's SCV requirements by 30 September 2012 and if not why not.

(4) A Northern Ireland credit union that has not made a valid election under (2) must provide the FSA with an SCV pre-implementation report by 30 June 2012 based on the Northern Ireland credit union's progress as at 30 June 2012 which must state:

(a) whether the Northern Ireland credit union has a plan for implementing the FSA's SCV requirements;

(b) how the Northern Ireland credit union proposes to transfer to the FSCS a single customer view for each eligible claimant including specifying the transfer method and format;

(c) the dates the Northern Ireland credit union started implementation and plans to end implementation and whether implementation is on time;

(d) whether the Northern Ireland credit union's board of directors believes implementation will be completed by 30 September 2012 and if not why not; and

(e) any issues that may impact on the Northern Ireland credit union's ability to implement by 30 September 2012.

From 31 March 2012 until 30 September 2012

For Northern Ireland credit unions 31 March 2012

1731

COMP 17.3

R

A Northern Ireland credit union to which COMP 17 applies must provide the FSA with an SCV implementation report and an SCV report by 30 September 2012.

From 31 March 2012 until 30 September 2012

For Northern Ireland credit unions 31 March 2012

1732

COMP 17.3.10 R and COMP 17.3.12 R

R

(1) A Northern Ireland credit union subject to the electronic SCV rules must provide the FSCS with a representative sample of 10% of its single customer views or 10,000 of its single customer views (whichever is the smaller number) by 30 September 2012.

(2) The FSCS must advise the FSA whether the information provided by a Northern Ireland credit union's SCV system is capable of being submitted to the FSCS and whether it is compatible with the FSCS's systems within six months of receiving the information required by (1).

From 31 March 2012 until 30 September 2012

For Northern Ireland credit unions 31 March 2012

1833

Amendments introduced by Annex A and Part 1 of Annex B of the Compensation Sourcebook (Amendment No 9) Instrument 2012.

R

The changes referred to in (2) do not apply in relation to a claim against a relevant person that was in default before 1 October 2012. Notwithstanding the above:

(a) to the extent that the provisions changed apply to protected deposits, all the changes in (2); and

(b) the changes to COMP 12.2.10 R;

apply irrespective of when the default occurred.

From 1 October 2012 indefinitely

From 1 October 2012