Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

COMP definition

What does COMP mean? In pensions practice, COMP refers to a contracted-out money purchase occupational pension scheme that enabled members to contract out of SERPS/State Second Pension and build defined contribution benefits in the scheme. The expression is widely used by practitioners; “contracted-out money purchase scheme” was provided for in legislation, including the Pension Schemes Act 1993 (and the Pension Schemes (Northern Ireland) Act 1993) and the Contracting-out (money Purchase) Regulations 1997. Key features included: a contracting-out certificate; National Insurance rebates paid by HMRC/NICO into members’ pots (rather than reduced NI rates); benefits classified as protected rights with special rules on investment, survivor...

FSCS compensation (UK): deposits, investments and insurance—calculation, limits, time limits, temporary high balances, postponement, and rejection/withdrawal of offers

Published by a LexisNexis Financial Services expert

Practice notes

The Financial Services COMPensation Scheme (FSCS) operates distinct regimes for deposit Claims, non‑deposit claims, and insurance policyholder protection. The Prudential Regulation Authority (PRA) sets the rules that apply to claims relating to deposits and the provision of insurance, whereas the Financial Conduct Authority (FCA) is responsible for all other forms of FSCS‑covered financial activity. The relevant rules are located in the Compensation (COMP) sourcebook within the FCA Handbook, and in the Depositor Protection and Policyholder Protection parts of the PRA Rulebook. From 3 July 2015, both (a) Chapters 9 to 12 of COMP and (b) specified chapters of the PRA Rulebook have addressed the practical aspects involved in calculating and paying compensation, once the qualifying conditions have been satisfied and the FSCS has decided that compensation is payable. There are limits on the amount of compensation that can be paid, which depend on the category of claim and are set out below, and there are also time limits within which the FSCS must make payment in full...

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Honor Levy

LexisNexis

Honor previously worked as a solicitor in the Enforcement Division of the Financial Conduct Authority (FCA). Whilst at the FCA, she also worked as an investigator in many regulatory investigations, specialising in investigating breaches of the FCA’s rules and regulations by retail firms and their directors. Prior to joining the FCA, Honor was an associate in the General Commercial Litigation department at SJ Berwin LLP, handling a wide range of litigation cases, including representing financial institutions and directors who were subject to regulatory investigations and enforcement actions....

Web page updated on 21/05/2026

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