The following Financial Services guidance note Produced in partnership with Honor Levy, non-practising solicitor provides comprehensive and up to date legal information covering:
There are different regimes under the Financial Services Compensation Scheme (FSCS) system for deposit claims, non-deposit claims and insurance policyholder protection. The Prudential Regulation Authority (PRA) is the relevant authority for rules relating to claims concerning deposits, dormant accounts and insurance provision, whereas the Financial Conduct Authority (FCA) is responsible for all other types of financial activity covered by the FSCS.
The relevant corresponding rules are found in the Compensation (COMP) sourcebook of the FCA Handbook and in the Depositor Protection, Policyholder Protection and Dormant Account Scheme parts of the PRA Rulebook.
From 3 July 2015 both: (a) Chapters 9 to 12 of COMP and (b) specific chapters of the PRA Rulebook have dealt with the practical aspects of the calculation and payment of compensation, once all the qualifying conditions have been met and the FSCS has decided that compensation is due. There are limits to the amount of compensation payable, depending on the type of claim, which are described below, as well as time limits within which compensation must be paid.
This Practice Note outlines the main provisions concerning the payment or rejection of compensation under the FSCS and was updated in light of the recast Deposit Guarantee Schemes Directive (2014/49/EU) (recast DGSD) (see Practice Note: Deposit Guarantee Schemes Directive).
The PRA Rulebook contains
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