COMP 5.2 What is a protected claim?
A protected claim is:
- (1)
a claim for a protected deposit or a protected dormant account 6(see COMP 5.3); or
- (2)
a claim under a protected contract of insurance (see COMP 5.4); or
- (3)
a claim in connection with protected investment business (see COMP 5.5); or3
- (4)
a claim in connection with protected home finance mediation5 (see COMP 5.6); or34
5 - (5)
a claim in connection with protected non-investment insurance mediation (see COMP 5.7).42
7Notwithstanding COMP 5.2.1 R, where the relevant person in default:
- (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)
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.