Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

COMP 12A.3 Collective investment schemes

COMP 12A.3.1R
  1. (1)

    If a claimant has a claim in its capacity as a collective investment scheme, or anyone who is an operator, depositary, manager or trustee of such a scheme, and the conditions in (2) are met:

    1. (a)

      the FSCS must treat the participant or participants as having the claim, and not the claimant;

    2. (b)

      COMP 12A.1.6R and COMP 12A.1.7R apply, reading “trustee” as “collective investment scheme, or anyone who is an operator, depositary, manager or trustee of such a scheme”, “trust” as “collective investment scheme” and “beneficiary” as “participant”.

  2. (2)

    The conditions referred to in (1) are:

    1. (a)

      the claim is against a relevant person:

      1. (i)

        acting in the capacity of manager or depositary of the collective investment scheme; or

      2. (ii)

        in connection with that person’s managing investments or safeguarding and administering investments; and

    2. (b)

      as a result of the matters in (a), a participant in the collective investment scheme has suffered loss but the participant has no claim for that loss against that relevant person.