COMP 9
Time limits on payment and postponing payment
COMP 9.1
Application and Purpose
- 01/12/2004
Application
COMP 9.1.1
See Notes
This chapter applies to the FSCS.
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COMP 9.1.2
See Notes
It is also relevant to claimants.
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Purpose
COMP 9.1.3
See Notes
The purpose of this chapter is to ensure that compensation is paid to claimants as quickly as possible and that delays in paying compensation to claimants are kept to a minimum. The FSCS may postpone payment of compensation only in strictly limited circumstances.
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COMP 9.2
When must compensation be paid?
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COMP 9.2.1
See Notes
The FSCS must pay a claim as soon as reasonably possible after:
(1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and
(2) it has calculated the amount of compensation due to the claimant;
and in any event within three months of that date, unless the FSA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.- 01/12/2001
COMP 9.2.3
See Notes
Notwithstanding COMP 9.2.2 R(2), the FSCS may pay compensation to a claimant in respect of assets held by a relevant person if an insolvency practitioner has been appointed to the relevant person, and:
(1) the FSCS considers it likely that the insolvency practitioner would, in due course, return the assets to the claimant;
(2) the claimant has agreed to be compensated for the assets on the basis of the valuation provided by the FSCS; and
(3) the claimant has agreed, to the satisfaction of the FSCS, that his rights to the assets in respect of which compensation is payable should pass to it.
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