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Status: You are viewing the version of the handbook as on 2016-02-03.

COMP 10.2 Limits on compensation payable

COMP 10.2.1 R

The limits on the maximum compensation sums payable by the FSCS for protected claims are set out in COMP 10.2.3 R.

COMP 10.2.2 G

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 in connection with protected investment business of £40,000126, and a further such claim of £20,0006 , will only receive the £50,000 limit.12

6 12 6 6 6 6 6 6 6 6 12
COMP 10.2.3 R

Table Limits

This table belongs to COMP 10.2.1R

Type of claim

Level of cover

Maximum payment

Protected deposit or protected dormant account14

100% of claim 6

6

£85,00017

[Note: articles 7(1a) and 7(1b)17 of the Deposit Guarantee Directive]

6 8 17 17

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 12

12

Unlimited

(2) In all other cases: 90% of claim 12

12

Unlimited

Protected contract of insurance when the contract is a long-term insurance contract

At least 90% of claim as determined in accordance with COMP 12 12

12

Unlimited 2

Protected investment business

100% of claim 12

12

£50,000 12

12

Protected home finance mediation 5 1

5

100% of claim 12

12

£50,000 12

Protected non-investment insurance mediation 3

(1) where the claim is in respect of a liability subject to compulsory insurance : 100% of claim 3

Unlimited 3

(2) In all other cases: 90% of claim 12 3

12

Unlimited 3

COMP 10.2.4 G

COMP 12 sets out the rules the FSCS will follow when calculating the amount of compensation payable.

COMP 10.2.5 G

COMP 12.4.1 R and COMP 12.4.4 R include further limits relating to Deposit Guarantee Directive claims 7and ICD claims against certain incoming EEA firms. These reflect the Deposit Guarantee Directive7 and Investor Compensation Directive/s,7 under which compensation may be payable by the incoming EEA firm's Home State compensation scheme.

7 7 7

Continuity of insurance cover

COMP 10.2.6 R

[deleted]2

COMP 10.2.7 R

[deleted]2

Claims arising under COMP 3.2.4 R4

COMP 10.2.9 R

4If a firm has a claim under COMP 3.2.4 R, the FSCS must treat the share of the shortfall of each customer as if it were a protected claim for the purposes of calculating the limits of compensation payable, within COMP 10.2, in relation to that customer.

COMP 10.2.10 R

[deleted]

COMP 10.2.11 R

[deleted]

14Claims in respect of protected dormant accounts

COMP 10.2.12 R

[deleted]

COMP 10.2.13 G

[deleted]