COMP 12A Special cases

1. (1) If a claimant has a claim in its capacity as a collective investment scheme, or anyone who is an operator, depositary, manager or trustee of such a scheme, and the conditions in (2) are met:
   1. (a) the FSCS must treat the participant or participants as having the claim, and not the claimant.
   2. (b) [deleted]
2. (2) The conditions referred to in (1) are:
   1. (a) the claim is against a relevant person:
      1. (i) acting in the capacity of manager or depositary of the collective investment scheme; or
      2. (ii) in connection with that person’s managing investments or safeguarding and administering investments; and
   2. (b) as a result of the matters in (a), a participant in the collective investment scheme has suffered loss but the participant has no claim for that loss against that relevant person.

The FSCS must try to ensure that any amount paid to:

1. (1) the collective investment scheme; or
2. (2) the operator, depositary, manager or trustee of the collective investment scheme,

is, in each case:

1. (3) for the benefit of participants who would be eligible claimants if they had a claim themselves; and

2. (4) no more than the amount of the loss suffered by those participants.

    

1. (1)

   The FSCS may make payments to, or on behalf of, a relevant funeral plan provider or to the administrator or liquidator of a funeral plan provider, in respect of any reasonable fees, costs, charges or other expenses incurred for the purpose of the administrator or liquidator of that funeral plan provider complying with a request of the FSCS under section 215B of the Act.

2. (2)

   In paragraph (1), ‘reasonable fees, costs, charges or other expenses’ means those fees, costs, charges or other expenses that the FSCS is satisfied:

   1. (a)

      have been reasonably incurred;

   2. (b)

      have been exclusively incurred for the purpose of an administrator or liquidator complying with a request under section 215B of the Act; and

   3. (c)

      only to the extent that such fees, costs, charges or other expenses cannot otherwise be met.