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Application provision

15.1 This Chapter applies only to the FSCS.

15.1

03/07/2015

This Chapter applies only to the FSCS.

15.2

03/07/2015

The FSCS must pay a protected dormant account claim as soon as reasonably possible after:

  1. (1) it is satisfied that the conditions in 4.2 have been met; and
  2. (2) it has calculated the amount of compensation due to the claimant

and in any event within three months of that date, unless the PRA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.

15.3

03/07/2015

The FSCS may postpone paying compensation if the claimant has been charged with an offence arising out of or in relation to money laundering and those proceedings have not yet been concluded.

15.4

03/07/2015

The FSCS may pay compensation in respect of a protected dormant account to a claimant in respect of assets held by a dormant account fund operator if an insolvency practitioner has been appointed to the dormant account fund operator and:

  1. (1) the FSCS considers it likely that the insolvency practitioner would, in due course, return the assets to the claimant;
  2. (2) the claimant has agreed to be compensated for the assets on the basis of the valuation provided by the FSCS; and
  3. (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.