COMP 12.2 Quantification: general
11The 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 (or, where applicable, a successor)7 at the quantification date and any reference in COMP to overall claim means "overall net claim"7.
COMP 12.2.1AR8 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.
Where a liability of a relevant person (or, where applicable, a successor)7 to an eligible claimant could fall within more than one type of claim protected by the compensation scheme whether under the rules of the FCA8 (see COMP 5.2.1 R) or of the PRA8, for example a claim in connection with money held by a8 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.
2Overall net claim
A claimant's overall claim5 is the sum of the protected claims of the same category that he has against a relevant person (or, where applicable, a successor)7 in default, less the amount of any liability which the relevant person or successor, as appropriate,7 may set off against any of those claims (see COMP 10.2.2 G).
For the different categories of protected claim, see COMP 5 and COMP 10.2.3 R.
In calculating the claimant's overall claim5, the FSCS may rely, to the extent that it is relevant, on any determination by:
- (1)
a court of competent jurisdiction;
- (2)
a trustee in bankruptcy;
- (3)
a liquidator;
- (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.
Payments to the claimant5
11The FSCS 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, where applicable, a successor)7 or the FSCS or any other person, including any payment made by the FSCS under the PRA’s rules,8 if that payment is connected with the relevant person's (or, where applicable, a successor's)7 liability to the claimant in calculating the claimant's overall claim.
Time for calculation of compensation due to the claimant5
Settlement of claims
- (1)
6The FSCS may pay compensation without fully or at all investigating the eligibility of the claimant and/or the validity and/or amount of the claim notwithstanding any provision in this sourcebook or FEES 6 to the contrary, if in the opinion of the FSCS:
- (a)
the costs of investigating the merits of the claim are reasonably likely to be disproportionate to the likely benefit of such investigation; and
- (b)
(as a result or otherwise) it is reasonably in the interests of participant firms to do so.
- (a)
- (2)
This rule does not apply with respect to claims that are excluded by article8 3 of the Investor Compensation Directive.