Application provision

1.1 This Part applies to the FSCS.

1.1

03/07/2015

This Part applies to the FSCS.

1.2

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

In this Part, the following definitions shall apply:

contracts of insurance

has the meaning given in Article 3(1) of the Regulated Activities Order.

CRO insurer

has the meaning given in the Policyholder Protection Part.

FCA compensation scheme rules

means the rules of the compensation scheme that are FCA rules.

management expenses levy

means a levy imposed by the FSCS to meet management expenses.

participant firm

  1. (1) has the meaning given in paragraph A (2) of the PRA Handbook Glossary definition of ‘participant firm’ as at 29 February 2016 for the purposes of the PRA’s rules and has the meaning given in the FCA Handbook for the purposes of the FCA’s rules in FEES 1; and
  2. (2) includes CRO insurers.

policyholder protection scheme

means the compensation scheme for claims under contracts of insurance.

PRA class

means a class to which the FSCS allocates levies in accordance with PRA rules.

regulatory costs

means the periodic fees payable to the PRA or FCA by a participant firm (and where applicable the Society ) in accordance with the PRA’s rules in Fees 3 and in accordance with FEES 4 in the FCA Handbook.

1.3

03/07/2015

Unless otherwise defined, an italicised expression used in this Part and in the Depositor Protection Part, has the same meaning as in the Depositor Protection Part.

1.4

03/07/2015

Unless otherwise defined, an italicised expression used in this Part and in the Dormant Account Scheme Part, has the same meaning as in the Dormant Account Scheme Part.