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: qualifying conditions and eligibility for deposits, investments and insurance; protected claims and 'in default' tests under FCA COMP and PRA rules (UK)

Published by a LexisNexis Financial Services expert

Practice notes

This practice Note outlines the conditions that must be met for a person to receive compensation from the Financial Services Compensation Scheme (FSCS). It summarises rules on:

who can seek compensation
from whom compensation may be claimed
the losses or liabilities that can be compensated

There are separate regimes within the FSCS for deposit claims, non-deposit claims, and insurance policyholder protection. The Prudential Regulation Authority (PRA) sets the rules for deposits and insurance, while the Financial Conduct Authority (FCA) is responsible for other FSCS-covered activities. The relevant provisions appear in the COMP sourcebook of the FCA Handbook and in the Depositor Protection and Policyholder Protection parts of the PRA Rulebook.

Compensation paid to eligible claimants

Claims under COMP

For claims falling within the FCA’s scope, the FSCS may pay compensation to an eligible claimant (subject to COMP 11 (Payment of compensation)) where the FSCS is satisfied that:

an eligible claimant has submitted an application for compensation (see COMP 3.2.1AR, which indicates that the FSCS may treat persons who are or may be

...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

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

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...