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Status: You are viewing the version of the handbook as on 2018-04-01.

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.