Content Options

COMP 12.6 Quantification: trustees, operators of pension schemes, persons winding up pension schemes,5 personal representatives, agents, and joint claims

Trustees, operators of pension schemes and persons winding up pension schemes5

COMP 12.6.1R

If a claimant's claim includes a claim as5:

  1. (1)

    trustee; or5

  2. (2)

    the operator of, or the person carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme,5

the FSCS must treat him in respect of that claim as if his claim was the claim of a different person.5

COMP 12.6.2R

If a claimant has a claim as a bare trustee or nominee company2 for one or more beneficiaries, the FSCS must treat the beneficiary or beneficiaries as having the claim, and not the claimant.2

COMP 12.6.2AR

3If a claimant has a claim:5

8
  1. (1)

    as 8the trustee of9 an occupational pension scheme9 or the trustee or operator of, or the person carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme;8 and95

    8
  2. (2)

    for one or more members of a pension scheme (or, where relevant, the beneficiary of any member) whose benefits are, or include,9 money-purchase benefits;85

    8

the FSCS must treat the member or members (or, where relevant, the beneficiary of any member) as having the claim, and not the claimant (insofar as members’ benefits are money-purchase benefits)9.

5
COMP 12.6.3R

If any group of persons has a claim as:5

  1. (1)

    trustees; or5

  2. (2)

    operators of, or as persons carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or a personal pension scheme,5

(or any combination thereof), the FSCS must treat them as a single and continuing person distinct from the persons who may from time to time be the trustees, operators or persons winding up the relevant pension scheme.5

COMP 12.6.4R

Where the same person has a claim as:5

  1. (1)

    trustee for different trusts or for different stakeholder pension schemes (which are not occupational pension schemes) or personal pension schemes; or5

  2. (2)

    the operator of, or the person carrying on the regulated activity of winding up, different stakeholder pension schemes (which are not occupational pension schemes) or personal pension schemes, 5

COMP applies as if the claims relating to each of these trusts or schemes were claims of different persons.5

COMP 12.6.5R

Where the claimant is a trustee, and some of the beneficiaries of the trust are persons who would not be eligible claimants if they had a claim themselves, the FSCS must adjust the amount of the overall claim7 to eliminate the part of the claim which, in the FSCS's view, is a claim for those beneficiaries.

COMP 12.6.6R

Where any of the provisions of5 COMP 12.6.1 R to COMP 12.6.5 R apply, the FSCS must try to ensure that any amount 6paid to:

6
  1. (1)

    the trustee; or5

    5
  2. (2)

    the operator of, or the person carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme5

    5

is, in each case:5

  1. (3)

    for the benefit of members or beneficiaries who would be eligible claimants if they had a claim themselves; and5

  2. (4)

    no more than the amount of the loss suffered by those members or beneficiaries.5

Personal representative

COMP 12.6.8R

Where a person numbers among his claims a claim as the personal representative of another, the FSCS must treat him in respect of that claim as if he were standing in the shoes of that other person.

Agents

COMP 12.6.9R

If a claimant has a claim as agent for one or more principals, the FSCS must treat the principal or principals as having the claim, not the claimant.

Joint claims

COMP 12.6.10R

If two or more persons have a joint beneficial claim, the claim is to be treated as a claim of the partnership if they are carrying on business together in partnership. Otherwise each of those persons is taken to have a claim for his share, and in the absence of satisfactory evidence as to their respective shares, the FSCS must regard each person as entitled to an equal share.

Foreign law

COMP 12.6.11R

In applying COMP to claims arising out of business done with a branch or establishment5 of the relevant person outside the United Kingdom, the FSCS must interpret references to:5

  1. (1)

    persons entitled as personal representatives, trustees, bare trustees or agents, operators of pension schemes or persons carrying on the regulated activity of winding up pension schemes; or5

  2. (2)

    persons having a joint beneficial claim or carrying on business in partnership, 5

as references to persons entitled, under the law of the relevant country or territory, in a capacity appearing to the FSCS to correspond as nearly as may be to that capacity.5

Claims arising under COMP 3.2.4 R1

COMP 12.6.12R

1If a firm has a claim under COMP 3.2.4 R, the FSCS must treat each customer of the firm as having the claim for the purposes of calculating compensation within COMP 12.