Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

COMP 6.1 Application and Purpose

Application

COMP 6.1.1R

This chapter applies to the FSCS.

COMP 6.1.2G

It is also relevant to claimants.

Purpose

COMP 6.1.3G

The purpose of this chapter is to specify the types of person against whom a claimant must have a claim in order to be eligible for compensation, and when those persons are 'in default'. Generally, this occurs when they are insolvent or unable to meet their liabilities to claimants.

COMP 6.1.4G

To be eligible for compensation a claimant's claim must be against a relevant person 1(or, where applicable, a successor) 1in default: see COMP 3.2.1 R (2).