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relevant former scheme

    (as defined in article 2(2) of the compensation transitionals order):

      1. (a) in relation to a pending application, the investment business compensation scheme under which the application was made;
      1. (b) in relation to an article 9 default, one of the following that applied to the default before commencement:
        1. (i) the Policyholders Protection Scheme established by the Policyholders Protection Act 1975;
        1. (ii) the Deposit Protection Scheme established by Part II of the Banking Act 1987;
        1. (iii) the Building Societies Investor Protection Scheme established by Part IV of the Building Societies Act 1986;
        1. (iv) the Friendly Societies Protection Scheme established in accordance with section 141 of the Financial Services Act 1986.4