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COMP 12.2 Quantification: general

COMP 12.2.1R

The amount of compensation payable to the claimant in respect of any type of protected claim is the amount of his overall net claim against the relevant person at the quantification date.

COMP 12.2.2R

COMP 12.2.1 R is, however, subject to the other provisions of COMP, in particular those rules that set limits on the amount of compensation payable for various types of protected claim. The limits are set out in COMP 10.

COMP 12.2.3G

Where a liability of a relevant person to an eligible claimant could fall within more than one type of protected claim (see COMP 5.2.1 R), for example a claim in connection with money held by an MiFID investment firm2 that is also a credit institution, the FSCS should seek to ensure that the claimant does not receive any further compensation payment from the FSCS in cases where the claimant has already received compensation from the FSCS in respect of that claim.

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Overall net claim

COMP 12.2.4R

A claimant's overall net claim is the sum of the protected claims of the same category that he has against a relevant person in default, less the amount of any liability which the relevant person may set off against any of those claims (see COMP 10.2.2 G).

COMP 12.2.5G

For the different categories of protected claim, see COMP 5 and COMP 10.2.3 R.

COMP 12.2.6G

In calculating the claimant's overall net claim, the FSCS may rely, to the extent that it is relevant, on any determination by:

  1. (1)

    a court of competent jurisdiction;

  2. (2)

    a trustee in bankruptcy;

  3. (3)

    a liquidator;

  4. (4)

    any other recognised insolvency practitioner;

and on the certification of any net sum due which is made in default proceedings of any exchange or clearing house.

COMP 12.2.7R

The FSCS3 must take into account any payments to the claimant (including amounts recovered by the FSCS on behalf of the claimant) made by the relevant person or the FSCS or any other person, if that payment is connected with the relevant person's liability to the claimant:

3
  1. (1)

    in calculating the claimant's overall net claim; and

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  2. (2)

    for a claim for a protected deposit, by reducing the amount of compensation by the FSCS retention sum that the FSCS would have retained if it had made those recoveries itself.3

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COMP 12.2.8R

1The FSCS must calculate the amount of compensation due to the claimant as soon as reasonably possible after it is satisfied that the conditions in COMP 3.2.1 R have been met.

COMP 12.2.9R

In calculating the claimant's overall net claim the FSCS must take into account the amounts paid by, or expected to be paid by, the Society from the Central Fund to meet a member's liabilities under the contract which gives rise to the claim.