A protected claim is:
- (4) 5
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
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.