COMP 10.2 Limits on compensation payable
The limits on the maximum compensation sums payable by the FSCS for protected claims are set out in COMP 10.2.3 R.
The limits apply to the aggregate amount of claims in respect of each category of protected claim that an eligible claimant has against the relevant person. Consequently, a claimant who has, for example, a claim against a relevant person for a deposit of £2,000, and for a further deposit of £1,500, will not receive 100% compensation on both deposits; instead he will receive £3,350 (100% of the first £2,000 and 90% of the next £1,500). Similarly, if a claimant receives more than one payment in respect of a claim or claims on one or more protected contract of insurance, the claimant will only receive 100% of the first £2,000 of the total paid, and not 100% of the first £2,000 of each payment.2
Table Limits
This table belongs to COMP 10.2.1R
Type of claim |
Level of cover |
Maximum payment |
100% x first £2,000 90% x next £33,000 |
£31,700 |
|
Protected contract of insurance when the contract is a relevant general insurance contract |
(1) Where the claim is in respect of a liability subject to compulsory insurance: 100% of claim |
Unlimited |
(2) Where the claim arises under the Third Party (Rights against Insurers) Act 1930, is in respect of a liability within COMP 5.4.5R(1)(b), and is in connection with an Article 9 default: 90% of the .claim |
Unlimited |
|
(3) In all other cases: 100% x first £2,000 90% of remainder of the claim. |
Unlimited |
|
Protected contract of insurance when the contract is a long-term insurance contract |
100% x first £2,000 At least 90% of the remaining value of the policy as determined in accordance with COMP12. |
Unlimited 2 |
100% x first £30,000 90% x next £20,000 |
£48,000 |
|
100% x first £30,0001 90% x next £20,0001 |
£48,000 1 |
|
(1) where the claim is in respect of a liability subject to compulsory insurance: 100% of claim3 |
Unlimited3 |
|
(2) In all other cases: 100% x first £2000 90% of the remainder of the claim3 |
Unlimited3 |
COMP 12.4.1 R and COMP 12.4.4 R include further limits relating to Deposit Guarantee Directive claims DGD claims and ICD claims against certain incoming EEA firms. These reflect the Deposit Guarantee Directive DGD and Investor Compensation Directive/s,ICD, under which compensation may be payable by the incoming EEA firm's Home State compensation scheme.
Continuity of insurance cover
[deleted]2
[deleted]2