This chapter applies to the FSCS.
It is also relevant to those who may wish to bring a claim for compensation.
The purpose of this chapter is to set out the types of person who are able to claim compensation or benefit from the protection the FSCS is able to provide. A claimant needs to be an eligible claimant to satisfy COMP 3.2.1R(1).
Unless COMP 4.2.3 R applies, an eligible claimant is any person who at any material time:
did not come within COMP 4.2.2 R; or
did come within COMP 4.2.2 R, but satisfied the relevant exception in COMP 4.3 or COMP 4.45.
This table belongs to COMP 4.2.1R
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(1) |
Firms (other than a sole trader firm;4a credit union;4a trustee of a stakeholder pension scheme (which is not an occupational pension scheme)2 or personal pension scheme; a firm carrying on the regulated activity of operating, or winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme;4 or a small business; in each case,4whoseclaim arises out of a regulated activity for which they do not have a permission) |
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(2) |
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(3) |
Collective investment schemes, and anyone who is the operator or trustee of such a scheme |
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(4) |
Pension and retirement funds, and anyone who is a trustee of such a fund. However, this exclusion does not apply to: 2 2 |
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(a) |
a trustee of a personal pension scheme or a stakeholder pension scheme (which is not an occupational pension scheme ); or 2 |
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(b) |
a trustee of a small self-administered scheme or an occupational pension scheme of an employer which is not a large company , large partnership or large mutual association . 2 |
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(5) |
Supranational institutions, governments, and central administrative authorities |
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(6) |
Provincial, regional, local and municipal authorities |
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(7) |
Directors and managers of the relevant person in default. However, this exclusion does not apply if: |
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(a) |
both of the following apply: |
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(i) |
the relevant person in default is a mutual association which is not a large mutual association; and |
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(ii) |
the directors and managers do not receive a salary or other remuneration for services performed by them for the relevant person in default, or |
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(b) |
the relevant person in default is a credit union. |
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(8) |
Close relatives of persons excluded by (7) above |
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(9) |
Bodies corporate in the same group as the relevant person in default unless that body corporate is: 4 4 |
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(i)4 |
a trustee that falls within COMP 4.2.2 R (1) or (4); or |
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(ii)4 |
carrying on the regulated activity of operating or winding up a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme. |
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(10) |
Persons holding 5% or more of the capital of the relevant person in default, or of any body corporate in the samegroup |
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(11) |
The auditors of the relevant person in default, or of anybody corporate in the samegroup as therelevant person in default, orany33actuary appointed under SUP 4 (Actuaries) by 3 a friendly society or insurance undertaking in default |
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(12) |
Persons who, in the opinion of the FSCS, are responsible for, or have contributed to, the relevant person'sdefault |
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(13) |
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(14) |
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(15) |
Persons whose claim arises from transactions in connection with which they have been convicted of an offence of money laundering. |
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(16) |
Persons whose claim arises under the Third Parties (Rights against Insurers) Act 1930 |
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(17) 1 |
Where the claim is in relation to a protected contract of insurance or protected non-investment insurance mediation, body corporate, partnerships, mutual associations and unincorporated associations which are not small businesses.1 |
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A person who is a small business is an eligible claimant in respect of a relevant general insurance contract entered into before commencement only if the person is a partnership.
A person other than one which comes within any of categories (7)-(12) and (15) of COMP 4.2.2R is eligible to claim compensation in respect of a long term insurance contract.
A person falling within categories (1)-(4) of COMP 4.2.2 R is eligible to claim compensation in respect of a relevant general insurance contract if, at the date the contract commenced he was a small business.
Where the contract has been renewed, the last renewal date shall be taken as the commencement date.
A partnership which falls3 within category 14, or category 17, or both 3of COMP 4.2.2R is eligible to claim compensation in respect of a relevant general insurance contract entered into before commencement.
3A person who comes within COMP 4.2.2R is eligible to claim compensation in respect of a liability subject to compulsory insurance if the claim is:2
a claim under a protected contract of insurance; or2
a claim in connection with protected non-investment insurance mediation.2
There are no exceptions to COMP 4.2.2R for claims made in connection with protected investment business or protected home finance mediation4.1
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