A protected claim is:
- (4) 5
A protected claim is:
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.
both (1) and (2); or5
for the activities of managing an AIF or establishing, operating or winding up a collective investment scheme, the claim is in respect of an investment in:
where a firm is acting as depositary of an AIF and in so doing is carrying on the activity of acting as trustee or depositary of an AIF or safeguarding and administering assets, the claim is in respect of their activities for;
agreeing to carry on a regulated activity in (1) to (3); or
provided that the condition in COMP 5.6.2 R is satisfied.
Protected non-investment insurance mediation is an insurance mediation activity where the investment concerned is a relevant general insurance contract or a pure protection contract but3 which is not a long-term care insurance contract or a 3reinsurance contract, provided that the conditions4 in COMP 5.7.2 R are4 satisfied.123 4 4
the claimant making the claim (or where COMP 3.2.4 R applies, the customer on behalf of whom a firm makes a claim) dealt initially, with a view to entering into a relevant general insurance contract or a pure protection contract but not a long-term care insurance contract or a reinsurance contract, with an intermediary that was :434
4The FSCS will not cover a claim in respect of an intermediary that is not a relevant person, for example a retailer selling extended warranties that are connected contracts. However, COMP 5.7.2 R has the effect that a claim in respect of a relevant person further up the chain carrying on protected non-investment insurance mediation in accordance with COMP 5.7.2 R (1)(a) may be covered by the FSCS if the claimant dealt initially with a UK intermediary that is not a relevant person.