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Application provision

1.1 This Part applies to the FSCS, and for the purposes of chapter 21, 22.6 - 22.8 and Annex 2, this Part also applies to participant firms and the Society.

15.1

03/07/2015

If an application for compensation contains any material inaccuracy or omission, the FSCS may reject the application unless this is considered by the FSCS to be wholly unintentional.

15.2

03/07/2015

The FSCS must reject an application for compensation if:

  1. (1) the FSCS considers that a civil claim in respect of the liability would have been defeated by a defence of limitation at the earlier of:
    1. (a) the date on which the relevant person (or where applicable, the successor) is determined to be in default; or
    2. (b) the date on which the claimant first indicates in writing that he may have a claim against the relevant person (or where applicable, the successor); or
  2. (2) the liability of the relevant person (or where applicable, the successor) to the claimant has been extinguished by the operation of law.

15.3

03/07/2015

The FSCS may withdraw any offer of compensation made to a claimant if the offer is not accepted or if it is not disputed within 90 days of the date on which the offer is made.

15.4

03/07/2015

Where the amount of compensation offered is disputed, the FSCS may withdraw the offer but must consider exercising its powers to make a reduced or interim payment under 18.4 or 18.5 before doing so.

15.5

03/07/2015

The FSCS may repeat any offer withdrawn under 15.3 or 15.4.

15.6

03/07/2015

The FSCS must withdraw any offer of compensation if it appears to the FSCS that no such offer should have been made.

15.7

03/07/2015

The FSCS must seek to recover any compensation paid to a claimant if it appears to the FSCS that no such payment should have been made, unless the FSCS believes on reasonable grounds that it would be unreasonable to do so, or that the costs of doing so would exceed any amount that could be recovered.