COMP TP 1 Transitional Provisions

1

21

COMP 5

R

Protected claims

Indefinitely

Commencement

(1)

[deleted]21

(2)

[deleted]21

21

(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 21a pending application, the FSCS must apply the rules of the relevant former scheme, as they applied to the default before commencement.21

(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)

[deleted]21

(7)

[deleted]21

(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

21

COMP 6.2.1 R

R

[deleted]21

21

21

21

21

21

21

21

21

21

21

6

21

COMP 6.2.1 R

G

[deleted]21

21

21

21

21

7

21

COMP 6.2.1 R

G

[deleted]21

8

21

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

R

[deleted]21

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

[deleted]

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

[deleted]

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

[deleted]

133

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

R3

[deleted]

143

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

[deleted]

615

21

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

R

[deleted]21

21

21

816

21

COMP 10.2.3 R

R

[deleted]21

21

21

917

21

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

21

COMP 10.2.3 R

R

[deleted]21

21

21

1019

21

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

21

COMP 4.3.1 R

R

[deleted]21

21

21

1321

COMP 17.3 and COMP 17.2.7 R

R

[deleted]

1322

COMP 17.3

R

[deleted]

1323

COMP 17.3.10 R and COMP 17.3.12 R

R

[deleted]

1524

21

COMP 10.2.3 R

R

[deleted]21

21

21

1425

21

The21 amendment of all references in COMP (other than in 21the 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

21

COMP 12.3.1 R and COMP 15.1.12 R

R

[deleted]21

21

21

1627

21

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

21

COMP 16.3

R

[deleted]21

21

21

1729

COMP 17

R

[deleted]

1730

COMP 17.3 and COMP 17.2.7 R

R

[deleted]

1731

COMP 17.3

R

[deleted]

1732

COMP 17.3.10 R and COMP 17.3.12 R

R

[deleted]

1833

21

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 above21 the changes to COMP 12.2.10 R apply irrespective of when the default occurred.

From 1 October 2012 indefinitely

From 1 October 2012

1934

21

Amendments introduced by the Compensation Sourcebook (Investments by Large Unincorporated Associations and Certain Large Partnerships) Instrument 2013

R

The changes referred to in (2) do not apply in relation to a claim against a relevant person that was in default before 13 December 2013.

From 13 December 2013 indefinitely

From 13 December 2013

2035

All the rules and guidance in COMP applicable to protected home finance mediation.

R

The compensation scheme does not provide cover for claims in respect of any mortgage mediation activity relating to a second charge regulated mortgage contract if:

(1) the relevant person was in default before 21 March 2016; or

(2) the basis for the claim arose before 21 March 2016.

From 21 March 2016 indefinitely

Not applicable

35

21

Amendments introduced by the Compensation Sourcebook (Large unincorporated associations) Instrument 2013

R

[deleted]21

21

21

36

21

COMP 17.2.1 R and COMP 17.2.3 R

R

[deleted]21

21

21

2137

COMP 10.2.3R(2), (3) and (4)

R

The rules referred to in (2) do not apply in relation to a claim against a relevant person, or against a successor, that was in default before 29 April 2016. Instead, COMP 10.2.3R(5) will continue to apply to such claims.

From 29 April 2016 indefinitely

29 April 2016

2138

COMP 4.2.2R(4), COMP 4.2.2R(9) and COMP 12.6.2AR

R

The changes referred to in (2) do not apply to a claim against a relevant person, or against a successor, that was in default before 29 April 2016.

From 29 April 2016 indefinitely

29 April 2016

2139

Amendments introduced by the Compensation Sourcebook (Amendment No 10) Instrument 2016

R

Where a claim is against a successor that is not an authorised person, provisions and definitions arising out of (2) only apply if the default occurs on or after 29 April 2016 and the transfer, under which the successor assumed responsibility for liabilities arising from acts or omissions of the relevant person, occurred on or after 1 April 2013.

From 29 April 2016 indefinitely

29 April 2016

2339A

Amendments introduced by the Financial Services Compensation Scheme (Extension of Scope to Recognised Investment Exchanges) Instrument 2017

R

The changes referred to in (2) do not apply in relation to a claim against a recognised investment exchange, or against a successor, arising from acts or omissions before 3 January 2018.

From 3 January 2018 indefinitely

3 January 2018

2240

Amendments introduced by the Financial Services Compensation Scheme (Funding and Scope) Instrument 2017

R

The changes referred to in column (2) do not apply in relation to a claim against a relevant person, or against a successor, that was in default before 1 April 2018.

From 1 April 2018 indefinitely

1 April 2018

2441

Amendments introduced by the Financial Services Compensation Scheme (Funding Review) Instrument 2018

R

The changes referred to in column (2) do not apply in relation to a claim against a relevant person, or against a successor, that was in default before 1 April 2019.

From 1 April 2019 indefinitely

1 April 2019

2542

Amendments introduced by the Exiting the European Union: Redress Sourcebooks (Amendments) Instrument 2019

R

The changes referred to in column (2) do not apply in relation to a relevant person or a successor that was in default on or before IP completion day27.

From IP completion day27 indefinitely

IP completion day27

2543

Amendments to COMP 5.5.2R(2) – (3) and COMP 5.7.2R(1)(b) and (2)(b) by the Exiting the European Union: Redress Sourcebooks (Amendments) Instrument 2019

R

The amendments referred to in column (2) only apply to acts or omissions by a relevant person after IP completion day27.

From IP completion day27 indefinitely

IP completion day27

2544

COMP TP 43

G

The purpose of COMP TP 43 is to ensure that the FSCS can pay compensation after IP completion day27in respect of acts or omissions before IP completion day27 by a branch of a UK firm that was established in an EEA State.

2545

COMP 6.3.1R, 6.3A.1R. 9.2.2R, 11.2.6, 12.3.5R and 12.3.6R

R

The defined terms “ICD claim” and “MiFID investment firm” in or under the provisions referred to in column (2) have the meaning they had immediately before IP completion day27 for any of the following purposes:

(1) declaring in default, or

(2) postponing compensation where the claim is not an ICD claim against, or

(3) paying a lesser sum in final settlement where the claim is not an ICD claim against, or

(4) determining the quantification date in respect of, a pre-IP completion day incoming EEA firm28, or the successor of such a firm.

From IP completion day27 indefinitely

IP completion day27

2546

Amendments and deletions in participant firm and COMP by the Exiting the European Union: Glossary (Amendments) Instrument 2019 and the Exiting the European Union: Redress Sourcebooks (Amendments) Instrument 2019 respectively

R

The amendments and deletions referred to in column (2) are disapplied, in relation to a claim against a pre-IP completion day incoming EEA firm28 in respect of any act or omission by that firm before IP completion day27, to the extent needed to enable the FSCS:

(1) to determine whether, had the claim been made immediately before IP completion day27, the FSCS would have paid compensation in respect of it; and

(2) if so, to pay compensation in respect of that claim.

For these purposes, where an amendment or deletion to a defined term is disapplied under this rule, that defined term has the meaning it had immediately before IP completion day27.

From IP completion day27 indefinitely

IP completion day27

2647

Amendments introduced to COMP by the Exiting the European Union: Temporary Permission and Financial Services Contracts Instrument 2019

R

The amendments referred to in column (2) do not apply:

(1) in relation to a claim against a TP firm, or against a successor of a TP firm, that was in default before IP completion day27; or

(2) to any acts or omissions before IP completion day27 that give rise to a claim against a TP firm, or against a successor of a TP firm, after IP completion day27;

but nothing in limb (2) of this rule shall limit the ability of the FSCS to pay compensation in respect of a claim against a TP firm or a successor of a TP firm, where it is a relevant person for a reason other than because it is a TP firm.

From IP completion day27, indefinitely

IP completion day27