COMP TP 1 Transitional Provisions

1

[PRA]

COMP 5

R

Protected claims

Indefinitely

Commencement

(1)

A claim for a protected deposit or under a protected contract of insurance includes a claim in respect of an article 9 default, subject to (2)

(2)

A claim must be treated as a claim in relation to a protected contract of insurance under COMP 5.4.5 R if the conditions in article 9A or 710(1)(a)-(d) of the compensation transitionals order are satisfied.

Commencement but on 6 December 2006 for article 9A of the compensation transitionals order7

(3)

A claim in connection with protected investment business includes a claim in respect of a pending application.

(4)

Where the claim is in respect of an article 9 default or a pending application, the FSCS must apply the rules of the relevant former scheme, as they applied to the default before commencement, unless (2) applies.

(5)

The rules of each investment business compensation scheme are amended so that references to the person managing the scheme are replaced by references to the FSCS.

(6)

The rules of the Friendly Societies Protection Scheme are amended so that:

(a)

references to the person managing the scheme are replaced by references to the FSCS; and

(b)

References to functions conferred upon the Friendly Societies Protection Scheme Board are replaced by references to functions conferred upon the FSCS.

(7)

Where the default occurs after commencement, a claim for a protected deposit includes a claim that arose before commencement in respect of:

(a)

a deposit within the meaning of the Banking Act 1987; and

(b)

a claim in respect of a protected investment within the meaning of section 27 of the Building Societies Act 1986.

(8)

Where the default occurs after commencement, a claim in connection with protected investment business includes a claim that could have been entertained under an investment business compensation scheme (provided that the person making the claim has not also made a pending application arising out of the same set of facts).

2

COMP 13.5 andCOMP 13.6

R

Expired5

3

COMP 13.4.6 R andCOMP 13.6.7 R

R

Expired5

4

COMP 13.5.8 R

R

Expired5

5

[PRA]

COMP 6.2.1 R

R

Credit unions

Indefinitely

Commencement

In relation to a claim or potential claim referred to in (1) or (2), a relevant person is also any credit union which:

(1)

becomes unable, or is likely to become unable, to satisfy claims against it which relate to deposits which were accepted before 2 July 2002; or

(2)

(a)

has ceased to have Part 4A permission by virtue of article 3(4) of the Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002 (SI 2002/704) (failure to comply with a direction to re-apply for Part 4A permission); and

(b)

thereafter, becomes unable, or is likely to become unable, to satisfy claims against it which relate to deposits which were accepted on or after 2 July 2002 but before the date on which it ceased to have Part 4A permission.1

6

[PRA]

COMP 6.2.1 R

G

In consequence of transitional provision 5R, compensation can be provided:

(a)

in respect of a credit union which is unable, or likely to become unable, to satisfy claims for protected deposits accepted before 2 July 2002; and

(b)

where a credit union has ceased to hold a Part 4A permission (because of failure to comply with a direction to re-apply for the Part 4A permission), for protected deposits accepted on or after 2 July 2002 but before the date at which it ceased to have the Part 4A permission.1

7

[PRA]

COMP 6.2.1 R

G

In consequence of transitional provision 5R(1), a credit union becomes a relevant person in respect of deposits accepted before 2 July 2002.1

8

[PRA]

Amendments introduced by the Compensation Sourcebook (Amendment No.2) Instrument 2003.

R

Provisions and definitions arising out of (2) only apply to defaults, or circumstances giving rise to arrangements made under COMP 3.3.1 R or to measures taken under COMP or to measures taken under COMP 3.3.3 R, occurring after the date in (6)

Indefinitely

1 December 20032

9

COMP 13.6.8 R

R

Expired5

103

COMP 5.7.1 R, COMP 13.4.7 R and COMP 13.6.9 R3

R3

[deleted]

113

FEES 6.3.1 R, FEES 6.3.22 R, FEES 6.4.8 R, FEES 6.4.6 R, FEES 6.5.1 R and FEES 6.5.6 R4

R3

[deleted]

123

FEES 6.5.7 R (4), FEES 6.3.22 R, FEES 6.4.6 R, FEES 6.4.8 R, FEES 6.5.1 R, and FEES 6.5.6 R4

R3

[deleted]

133

FEES 6.5.7 R (4), FEES 6.5.10 R, and FEES 6.5.13 R (2)4

R3

[deleted]

143

FEES 6.5.7 R (5), FEES 6.5.11 R, and FEES 6.5.13 R (2)4

[deleted]

615

[PRA]

COMP 5.4.4 R (4)(a) and COMP 5.4.4 R (4)(b)

R

The changes to COMP 5.4.4 R (4) made in the Compensation Sourcebook (Amendment No 7) Instrument 2006 do not apply in relation to defaults declared before 6 June 2006.

Indefinitely

6 June 2006

816

[PRA]

COMP 10.2.3 R

R

The change to the limit for protected deposits made by the Compensation Sourcebook (Protected Deposits Limit) Instrument 2007 does not apply in relation to a claim against a relevant person that was in default before 1 October 2007.

From 1 October 2007 indefinitely

Amended with effect from 1 October 2007

917

[FCA]

[PRA]

Amendments introduced by the Compensation Sourcebook (Amendment No 8) Instrument 2008

R

Provisions and definitions arising out of (2) only apply to defaults on or occurring after 7 October 2008

From 7 October 2008 indefinitely

7 October 2008

1118

[PRA]

COMP 10.2.3 R

R

The change to the limit for protected deposits made by the Compensation Sourcebook (Deposit Guarantee Schemes Directive Amendments) Instrument 2009 does not apply in relation to a claim against a relevant person that was in default before 30 June 2009.

From 30 June 2009 indefinitely

30 June 2009

1019

[FCA]

[PRA]

Amendments to COMP 10.2.3 R introduced by the Financial Services Compensation Scheme 11(Limits Amendment) Instrument 2009

R

Provisions and definitions arising out of (2) only apply to defaults on or occurring after 1 January 2010.

From 1 January 2010 indefinitely

1 January 2010

1220

[PRA]

COMP 4.3.1 R

R

The change to the eligibility requirements for claimants for protected deposits made by the Financial Services Compensation Scheme (Banking Compensation Reform) Instrument 2009 does not apply in relation to a claim against a relevant person that was in default before 1 August 2009.

From 1 August 2009 indefinitely

1 August 2009

1321

COMP 17.3 and COMP 17.2.7 R

R

[deleted]

1322

COMP 17.3

R

[deleted]

1323

COMP 17.3.10 R and COMP 17.3.12 R

R

[deleted]

1524

[PRA]

COMP 10.2.3 R

R

The change to the limit for protected deposits made by the Compensation Sourcebook (Deposit Guarantee Schemes Directive Amendments) (No 2) Instrument 2010 does not apply in relation to a claim against a relevant person that was in default before 31 December 2010.

From 31 December 2010 indefinitely

31 December 2010

1425

[FCA]

[PRA]

COMP 12.2.1 R and COMP 12.2.6A R and the amendment of all references in COMP (other than in COMP 12.2.1 R and the heading in respect of COMP 12.2.4 R) to “overall net claim” to “overall claim”

R

The changes referred to in (2) made by the Financial Services Compensation Scheme (Banking Compensation Reform) Instrument 2009 do not apply in relation to a claim against a relevant person that was in default before 31 December 2010.

From 31 December 2010 indefinitely

From 31 December 2010

1426

[PRA]

COMP 12.3.1 R and COMP 15.1.12 R

R

The changes referred to in (2) made by the Financial Services Compensation Scheme (Banking Compensation Reform) Instrument 2009 do not apply in relation to a claim against a relevant person that was in default before 31 December 2010.

From 31 December 2010 indefinitely

From 31 December 201016

1627

[FCA]

[PRA]

COMP 4.2.2 R(9)

R

The changes referred to in (2), made by the Compensation Sourcebook (Occupational Pension Scheme Trustees) Instrument 2011 do not apply in relation to a claim against a relevant person that was in default before 1 October 2011.

From 1 October 2011 indefinitely

From 1 October 201117

1728

[PRA]

COMP 16.3

R

A Northern Ireland credit union need not comply with COMP 16.3 until 30 September 2013.

From 31 March 2012 until 30 September 2013

For Northern Ireland credit unions 31 March 2012

1729

COMP 17

R

[deleted]

1730

COMP 17.3 and COMP 17.2.7 R

R

[deleted]

1731

COMP 17.3

R

[deleted]

1732

COMP 17.3.10 R and COMP 17.3.12 R

R

[deleted]

1833

[FCA] [PRA]

Amendments introduced by Annex A and Part 1 of Annex B of the Compensation Sourcebook (Amendment No 9) Instrument 2012.

R

The changes referred to in (2) do not apply in relation to a claim against a relevant person that was in default before 1 October 2012. Notwithstanding the above:

(a) to the extent that the provisions changed apply to protected deposits, all the changes in (2); and

(b) the changes to COMP 12.2.10 R;

apply irrespective of when the default occurred.

From 1 October 2012 indefinitely

From 1 October 2012

1934

[FCA]

Amendments introduced by the Compensation Sourcebook (Investments by Large Unincorporated Associations and Certain Large Partnerships) Instrument 2013

R

The changes referred to in (2) do not apply in relation to a claim against a relevant person that was in default before 13 December 2013.

From 13 December 2013 indefinitely

From 13 December 2013

35[PRA]

Amendments introduced by the Compensation Sourcebook (Large unincorporated associations) Instrument 2013

R

The changes referred to in (2) do not apply in relation to a claim against a relevant person that was in default before 17 December 2013.

From 17 December 2013 indefinitely

From 17 December 2013.

36

[PRA]

COMP 17.2.1 R and COMP 17.2.3 R

R

The rules referred to in (2) only apply on or after 18 March 2014 in relation to changes to eligible claimants resulting from the Compensation Sourcebook (Large unincorporated associations) Instrument 2013.

From 17 December 2013 to 17 March 2014

16 December 2013