DISP 5.1 Application
1This chapter applies to:
- (1)
every firm which is subject to the Compulsory Jurisdiction of the Financial Ombudsman Service; and
- (2)
every other person who is subject to the Compulsory Jurisdiction in relation to relevant complaints.
The relevant provisions of DISP 5 are applied to VJ participants by the standard terms (see DISP 4).
References in this chapter to "firms" are to be construed, where relevant, as including:
- (1)
in accordance with the Ombudsman Transitional Order, unauthorised persons subject to the Compulsory Jurisdiction in relation to relevant complaints (see Transitional Provisions 6 and 7); and
- (2)
as a result of section 226 of the Act, unauthorised persons who were formerly firms in respect of complaints about acts or omissions which occurred at the time when they were firms, provided that the Compulsory Jurisdiction rules were in force in relation to the activity in question.
Exemption
A firm which is exempt under DISP 1.1.7 R is also exempt from DISP 5.2 to DISP 5.8.
A firm which ceases to be exempt under DISP 5.1.4 is to be treated, for the purposes of its contribution to the general levy, as a firm to which DISP 5.9 applies.
A firm which becomes exempt under DISP 5.1.4 R during the course of a financial year is to be treated for the purposes of its contribution to the general levy, as a firm to which DISP 5.10 applies.