COMP TP 1 Transitional Provisions
You are viewing COMP TP 1 Transitional Provisions as of . COMP TP 1 Transitional Provisions was last updated on 29/07/2022.
COMP TP 1 Transitional Provisions
29/07/2022
| (1) | (2) | (3) | (4) | (5) | (6) | ||
|---|---|---|---|---|---|---|---|
| Material to which the transitional provision applies | Transitional Provision | Transitional provision: dates in force | Handbook Provisions: coming into force | ||||
1
| COMP 5 | R | Protected claims | Indefinitely | Commencement | ||
| (1) | [deleted] | ||||||
| (2) | [deleted] | ||||||
| (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 a pending application, the FSCS must apply the rules of the relevant former scheme, as they applied to the default before commencement. | ||||||
| (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] | ||||||
| (7) | [deleted] | ||||||
| (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 | Expired | ||||
| 3 | COMP 13.4.6 R andCOMP 13.6.7 R | R | Expired | ||||
| 4 | COMP 13.5.8 R | R | Expired | ||||
5
| COMP 6.2.1 R | R | [deleted] | ||||
6
| COMP 6.2.1 R | G | [deleted] | ||||
7
| COMP 6.2.1 R | G | [deleted] | ||||
8
| Amendments introduced by the Compensation Sourcebook (Amendment No.2) Instrument 2003. | R | [deleted] | ||||
| 9 | COMP 13.6.8 R | R | Expired | ||||
| 10 | COMP 5.7.1 R, COMP 13.4.7 R and COMP 13.6.9 R | R | [deleted] | ||||
| 11 | 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 R | R | [deleted] | ||||
| 12 | 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 R | R | [deleted] | ||||
| 13 | FEES 6.5.7 R (4), FEES 6.5.10 R, and FEES 6.5.13 R (2) | R | [deleted] | ||||
| 14 | FEES 6.5.7 R (5), FEES 6.5.11 R, and FEES 6.5.13 R (2) | [deleted] | |||||
15
| COMP 5.4.4 R (4)(a) and COMP 5.4.4 R (4)(b) | R | [deleted] | ||||
16
| COMP 10.2.3 R | R | [deleted] | ||||
17
| 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 | ||
18
| COMP 10.2.3 R | R | [deleted] | ||||
19
| Amendments to COMP 10.2.3 R introduced by the Financial Services Compensation Scheme (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 | ||
20
| COMP 4.3.1 R | R | [deleted] | ||||
| 21 | COMP 17.3 and COMP 17.2.7 R | R | [deleted] | ||||
| 22 | COMP 17.3 | R | [deleted] | ||||
| 23 | COMP 17.3.10 R and COMP 17.3.12 R | R | [deleted] | ||||
24
| COMP 10.2.3 R | R | [deleted] | ||||
25
| The amendment of all references in COMP (other than in 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 | ||
26
| COMP 12.3.1 R and COMP 15.1.12 R | R | [deleted] | ||||
27
| 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 2011 | ||
28
| COMP 16.3 | R | [deleted] | ||||
| 29 | COMP 17 | R | [deleted] | ||||
| 30 | COMP 17.3 and COMP 17.2.7 R | R | [deleted] | ||||
| 31 | COMP 17.3 | R | [deleted] | ||||
| 32 | COMP 17.3.10 R and COMP 17.3.12 R | R | [deleted] | ||||
33
| 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 the changes to COMP 12.2.10 R apply irrespective of when the default occurred. | From 1 October 2012 indefinitely | From 1 October 2012 | ||
34
| 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 | ||
| 35 | 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
| Amendments introduced by the Compensation Sourcebook (Large unincorporated associations) Instrument 2013 | R | [deleted] | ||||
36
| COMP 17.2.1 R and COMP 17.2.3 R | R | [deleted] | ||||
| 37 | 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 | ||
| 38 | 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 | ||
| 39 | 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 | ||
| 39A | 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 | ||
| 40 | 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 | ||
| 41 | 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 | ||
| 42 | 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 day. | From IP completion day indefinitely | IP completion day | ||
| 43 | 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 day. | From IP completion day indefinitely | IP completion day | ||
| 44 | COMP TP 43 | G | The purpose of COMP TP 43 is to ensure that the FSCS can pay compensation after IP completion day in respect of acts or omissions before IP completion day by a branch of a UK firm that was established in an EEA State. | ||||
| 45 | 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 day 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 firm, or the successor of such a firm. | From IP completion day indefinitely | IP completion day | ||
| 46 | 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 firm in respect of any act or omission by that firm before IP completion day, to the extent needed to enable the FSCS: (1) to determine whether, had the claim been made immediately before IP completion day, 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 day. | From IP completion day indefinitely | IP completion day | ||
| 47 | 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 day; or (2) to any acts or omissions before IP completion day that give rise to a claim against a TP firm, or against a successor of a TP firm, after IP completion day; 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 day, indefinitely | IP completion day | ||
| 48 | Amendments introduced by the Funeral Plans Instrument 2021 | R | The changes 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 [date] nor, in relation to claims in connection with protected funeral plan business, where the relevant act or omission occurs before 29 July 2022. | From 29 July 2022 indefinitely | 29 July 2022 | ||