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FCA Handbook
COMP
COMP 1
COMP 1.4 EEA Firms

COMP 1.4 EEA Firms

COMP 1.4.1G01/11/2007

Incoming EEA firms which are conducting regulated activities in the United Kingdom under a BCD, IMD, MiFID 3 or UCITS Directive passport are not required to participate in the compensation scheme in relation to those passported activities. They may apply to obtain the cover of, or 'top-up' into, the compensation scheme if there is no cover provided by the incoming EEA firm's Home State compensation scheme or if the level or scope of the cover is less than that provided by the compensation scheme. This is covered by COMP 14.2 2 1

COMP 1.4.2G01/12/2001

If an incoming EEA firm "tops-up", and then becomes insolvent, the Home State compensation scheme will pay compensation for claims up to the limit and scope of the Home State compensation scheme, with the FSCS paying compensation for the additional amount in accordance with the provisions in this sourcebook.

COMP 1.4.3G01/11/2007

The Deposit Guarantee Directive 3and Investor Compensation Directive/s 3 require the FSCS to make arrangements with the relevant Home State compensation scheme regarding the payment of compensation (COMP 14.3.1R).