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Click here to view amending instruments for this sectionCOMP 4.2 Who is eligible to benefit from the protection provided by the FSCS?

COMP 4.2.1
22/12/2006
FCAPRA
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
(2) did come within COMP 4.2.2 R, but satisfied the relevant exception in COMP 4.3 or COMP 4.41.
COMP 4.2.2
28/02/2014
FCAPRA
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;2 a credit union;2 a trustee of a stakeholder pension scheme (which is not an occupational pension scheme)3 or personal pension scheme; a firm carrying on the regulated activity of operating, or winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme;2 or a small business; in each case,2whose claim arises out of a regulated activity for which they do not have a permission)
(2) Overseas financial services institutions
(3) Collective investment schemes,4 and anyone who is the operator or depositary of such a scheme.4
(4)3Pension and retirement funds, and anyone who is a trustee of such a fund. However, this exclusion does not apply to:3
 (a)a trustee of a personal pension scheme or a stakeholder pension scheme (which is not an occupational pension scheme); or3
 (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.3
(5) Supranational institutions, governments, and central administrative authorities
(6) Provincial, regional, local and municipal authorities
(7) Directors5 of the relevant person in default. However, this exclusion does not apply if:
  (a)both of the following apply:
  (i) the relevant personin default is a mutual association which is not a large mutual association; and
  (ii) the directors5 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) 5[deleted]5
(9) Bodies corporate in the same group as the relevant person in default 32unless that body corporate is:2
 (a)a trustee of:6
  (i)a stakeholder pension scheme (which is not an occupational pension scheme) or a personal pension scheme (but in each case if the trustee is a firm it will only be an eligible claimant if its claim arises out of a regulated activity for which it does not have a permission);6
  (ii)(if the claim is with respect to a long-term insurance contract) a small self-administered scheme or an occupational pension scheme; or 6
  (iii)(if the claim is not with respect to a long-term insurance contract) 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; or6
 2(b)6carrying on the regulated activity of operating or winding up a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme.
(10) 5[deleted]5
(11) 775[deleted]5
(12) Persons who, in the opinion of theFSCS, are responsible for, or have contributed to, the relevant person's default
(13) 8Large companies
(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) 9Where 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.910
10(18)Alternative investment funds, and anyone who is the AIFM or depositary of an alternative investment fund.
8(19)Large mutual associations

COMP 4.2.3
01/12/2001
FCAPRA
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.