COMP 4
Eligible claimants
COMP 4.1
Application and Purpose
- 01/12/2004
Application
COMP 4.1.1
See Notes
This chapter applies to the FSCS.
- 01/12/2001
COMP 4.1.2
See Notes
It is also relevant to those who may wish to bring a claim for compensation.
- 01/12/2001
Purpose
COMP 4.1.3
See Notes
The purpose of this chapter is to set out the types of person who are able to claim compensation or benefit from the protection the FSCS is able to provide. A claimant needs to be an eligible claimant to satisfy COMP 3.2.1R(1).
- 01/12/2001
COMP 4.2
Who is eligible to benefit from the protection provided by the FSCS?
- 01/12/2004
COMP 4.2.1
See Notes
Unless COMP 4.2.3 R applies, an eligible claimant is any person who at any material time:
(1) did not come within COMP 4.2.2 R; or
- 01/12/2001
COMP 4.2.2
See Notes
Table COMP 4.2.2R Persons not eligible to claim unless COMP 4.3 applies (see COMP 4.2.1R)
This table belongs to COMP 4.2.1R
| (1) | Firms (other than a sole trader firm ,; a credit union , a trustee of a stakeholder pension scheme (which is not an occupational pension scheme) or a small business whose claim arises out of a regulated activity for which they do not have a permission) | ||
| (2) | Overseas financial services institutions | ||
| (3) | Collective investment schemes, and anyone who is the operator or trustee of such a scheme | ||
| (4) | Pension and retirement funds, and anyone who is a trustee of such a fund. However, this exclusion does not apply to: | ||
| (a) | a trustee of a personal pension scheme or a stakeholder pension scheme (which is not an occupational pension scheme ); or | ||
| (b) | a trustee of a small self-administered scheme or an occupational pension scheme of an employer which is not a large company , large partnership or large mutual association . | ||
| (5) | Supranational institutions, governments, and central administrative authorities | ||
| (6) | Provincial, regional, local and municipal authorities | ||
| (7) | Directors and managers of the relevant person in default. However, this exclusion does not apply if: | ||
| (a) | both of the following apply: | ||
| (i) | the relevant person in default is a mutual association which is not a large mutual association; and | ||
| (ii) | the directors and managers do not receive a salary or other remuneration for services performed by them for the relevant person in default, or | ||
| (b) | the relevant person in default is a credit union. | ||
| (8) | Close relatives of persons excluded by (7) above | ||
| (9) | Bodies corporate in the same group as the relevant person in default except bodies corporate which fall within COMP 4.2.2 R (4)(a) or (b). | ||
| (10) | Persons holding 5% or more of the capital of the relevant person in default, or of any body corporate in the samegroup | ||
| (11) | The auditors of the relevant person in default, or of anybody corporate in the samegroup as therelevant person in default, or any actuary appointed under SUP 4 (Actuaries) by a friendly society or insurance undertaking in default | ||
| (12) | Persons who, in the opinion of the FSCS, are responsible for, or have contributed to, the relevant person'sdefault | ||
| (13) | Large companies or large mutual associations | ||
| (14) | Large partnerships | ||
| (15) | Persons whose claim arises from transactions in connection with which they have been convicted of an offence of money laundering. | ||
| (16) | Persons whose claim arises under the Third Parties (Rights against Insurers) Act 1930 | ||
| (17) | Where the claim is in relation to a protected contract of insurance or protected non-investment insurance mediation, body corporate, partnerships, mutual associations and unincorporated associations which are not small businesses. | ||
- 01/10/2005
COMP 4.2.3
See Notes
A person who is a small business is an eligible claimant in respect of a relevant general insurance contract entered into before commencement only if the person is a partnership.
- 01/12/2001
COMP 4.3
Exceptions: Circumstances where a person coming within COMP 4.2.2R may receive compensation
- 01/12/2004
Deposits
COMP 4.3.1
See Notes
A person is eligible to claim compensation in respect of a protected depositif, at the date on which the relevant person is determined to be in default:
(1) he came within category (14) of COMP 4.2.2R; or
(2) he came within any of categories (1)-(3) of COMP 4.2.2R, and was not a large company, large mutual association, or a credit institution.
- 01/12/2001
Long term insurance
COMP 4.3.2
See Notes
A person other than one which comes within any of categories (7)-(12) and (15) of COMP 4.2.2R is eligible to claim compensation in respect of a long term insurance contract.
- 01/12/2001
Relevant general insurance contracts
COMP 4.3.3
See Notes
(1) A person falling within categories (1)-(4) of COMP 4.2.2 R is eligible to claim compensation in respect of a relevant general insurance contract if, at the date the contract commenced he was a small business.
(2) Where the contract has been renewed, the last renewal date shall be taken as the commencement date.
- 01/12/2001
COMP 4.3.4
See Notes
A
partnership which falls within category 14, or category 17, or both of COMP 4.2.2R is eligible to claim compensation in respect of a relevant general insurance contract entered into before commencement.
- 14/01/2005
COMP 4.3.5
See Notes
A person who comes within category (16) of COMP 4.2.2R (a 'category 16 person') is eligible to claim compensation if:
(1) the person insured would have been an eligible claimant at the time that his rights against the insurer were transferred to and vested in the category 16 person; or
(2) the liability of the person insured in respect of the category 16 person was a liability under a contract of employer's liability insurance which would have been a liability subject to compulsory insurance had the contract been entered into after 1 January 1972 or (for contracts in Northern Ireland) 29 December 1975; or
(3) the extent of the liability of the person insured in respect of the category 16 person had been agreed in writing by the insurer, or determined by a court or arbitrator, before the date on which the insurer is determined to be in default.
- 01/12/2001
Liability subject to compulsory insurance
COMP 4.3.6
See Notes
A person who comes within COMP 4.2.2R is eligible to claim compensation in respect of a liability subject to compulsory insurance if the claim is:
- 01/12/2001
Protected investment business and protected mortgage business
COMP 4.3.7
See Notes
There are no exceptions to COMP 4.2.2R for claims made in connection with
protected investment business or
protected mortgage business
.
- 31/10/2004