Prudential Regulation Authority Rulebook

7.1

Unless 7.3 applies, an eligible claimant is any person who at any material time:

1. (1) did not come within 7.2; or
2. (2) did come within 7.2, but satisfied a relevant exception in 8.

7.2

The following persons are not eligible to claim unless an exception in 8.1 – 8.5 applies:

1. (1) Firms other than a:
1. (a) sole trader firm;
2. (b) credit union;
3. (c) trustee of a:
1. (i) stakeholder pension scheme (which is not an occupational pension scheme); or
2. (ii) personal pension scheme;
4. (d) firm carrying on the regulated activity of operating, or winding up, a:
1. (i) stakeholder pension scheme (which is not an occupational pension scheme); or
2. (ii) personal pension scheme; or
5. (e) small business;
6. in each case, whose claim arises out of a regulated activity for which they do not have a permission).
2. (2) Overseas financial services institutions.
3. (3) Collective investment schemes, and anyone who is the operator or trustee of such a scheme.
4. (4) Pension and retirement funds, and anyone who is a trustee of such a fund, other than:
1. (a) a trustee of a personal pension scheme or a stakeholder pension scheme (which is not an occupational pension scheme); or
2. (b) a trustee of a small self-administered scheme or an occupational pension scheme of an employer which is not a large company, large partnership or large mutual association.
5. (5) Supranational institutions, governments, and central administrative authorities.
6. (6) Provincial, regional, local and municipal authorities.
7. (7) Directors of the relevant person (or where applicable, the successor) in default, unless:
1. (a) both of the following apply:
1. (i) the relevant person (or where applicable, the successor) in default is a mutual association which is not a large mutual association; and
2. (ii) the directors do not receive a salary or other remuneration for services performed by them for the relevant person (or where applicable, the successor) in default; or
2. (b) the relevant person (or where applicable, the successor) in default is a credit union.
8. (8) Bodies corporate in the same group as the relevant person (or where applicable, the successor) in default unless that body corporate is:
1. (a) a trustee of:
1. (i) a stakeholder pension scheme (which is not an occupational pension scheme) or a personal pension scheme (but in each case if the trustee is a firm it will only be an eligible claimant if its claim arises out of a regulated activity for which it does not have a permission);
2. (ii) (if the claim is with respect to a contract of long-term insurance) a small self-administered scheme or an occupational pension scheme; or
3. (iii) (if the claim is not with respect to a contract of long-term insurance) a small self-administered scheme or an occupational pension scheme of an employer which is not a large company, large partnership or large mutual association; or
2. (b) carrying on the regulated activity of operating or winding up a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme.
9. (9) Persons who, in the opinion of the FSCS, are responsible for, or have contributed to, the relevant persons (or where applicable, the successor’s) default.
10. (10) Bodies corporate, partnerships, mutual associations and unincorporated associations which are not small businesses.
11. (11) Persons whose claim arises from transactions in connection with which they have been convicted of an offence of money laundering.
12. (12) Persons whose claim arises under the Third Parties (Rights against Insurers) Act 1930 (as amended or replaced).
13. (13) Alternative investment funds and anyone who is the AIFM or depositary of an alternative investment fund.
14. (14) Any person who is or was a partner in a partnership, regardless of whether or not that person is or may be personally liable for any act or omission of the partnership, in respect of a contract of insurance entered into by, or for the benefit of, that partnership.

7.3

A person who is a small business is an eligible claimant in respect of a relevant general insurance contract entered into before 1 December 2001 only if the person is a partnership.