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COMP 5.2 What is a protected claim?

COMP 5.2.1R
COMP 5.2.2G
  1. (5.2.2

    [deleted]2

  2. 1
COMP 5.2.3R

7Notwithstanding COMP 5.2.1 R, where the relevant person in default:

  1. (1)

    is an authorised professional firm that is subject to the rules of the Law Society (England and Wales) or the Law Society of Scotland; and

  2. (2)

    with respect to its regulated activities, does not participate in the relevant society's compensation scheme:

a claim with respect to that person is only a protected claim if, when the basis for the claim arose, that person did not participate in the relevant society's compensation scheme with respect to its regulated activities.

Claims in respect of successors

COMP 5.2.4G

8Where a claim for compensation is in respect of a claim against a successor, the following rules apply to the relevant person for whose liabilities the successor has assumed responsibility (or to such relevant person’s activities, as the case may be):

  1. (1)

    8COMP 5.5.1R;

  2. (2)

    8COMP 5.5.2R;

  3. (3)

    8COMP 5.5.3R;

  4. (4)

    8COMP 5.6.1R;

  5. (5)

    8COMP 5.6.2R; and

  6. (6)

    8COMP 5.7.2R.