The FSCS must reject an application for compensation if:
the FSCS considers that a civil claim in respect of the liability would have been defeated by a defence of limitation at the earlier of:
For claims made in connection with protected investment business, protected home finance mediation5, 10 protected non-investment insurance distribution8, protected debt management business or protected funeral plan business11, the FSCS may disregard a defence of limitation where the FSCS considers that it would be reasonable to do so.2510
For claims made in connection with protected investment business, protected non-investment insurance distribution8, protected home finance mediation, protected debt management business or protected funeral plan business11, if a relevant person7 (or, where applicable, a successor)7, incorporated as a company, has been dissolved with the result that its liability to the claimant has been extinguished by operation of law, the FSCS must treat the claim, for the purposes of paying compensation, as if the relevant person 7or a successor, as appropriate,7 had not been dissolved.3110
it relates to an event or transaction which has been reviewed under the provisions of a 'deemed scheme' as defined in the Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001 (SI 2001/2512); and
as a result of the review in (1) no redress was payable, or redress was paid, in accordance with the regulatory standards for the review of such events or transactions, and the terms of any scheme order, applicable as at the date of the review.
The purpose of COMP 8.2.7 R is to allow the FSCS to reject claims relating to pensions review cases where a review was carried out in accordance with the relevant regulatory standards applicable at the time. 'Deemed schemes' are those review schemes set up before commencement (that is, 30 November 2001) but which are treated as schemes for review of past business under the Act, namely the pensions review and FSAVC review.4