|
|
Compensation |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Compensation1. The GATT principle that members who violate GATT rules must compensate other countries by lowering tariffs or making other concessions, or be subject to retaliation. 2. The actual or potential payment by the winners from a change in trade or other policy to the losers, intended to undo the harm to the latter. Actual compensation is rare, but the potential for compensation is used as the basis for most evaluations of the gains from trade.CompensationArrangement under which the delivery of goods to a party is paid for by buying back a certain amount of the product from the recipient of the goods.Compensation Similar MatchesFull compensationFull compensationPayment for delivery of goods to one party by buying back more than 100 % of the value that was originally sold. Investors Compensation SchemeInvestors Compensation SchemeA compensation scheme for investors with operating rules set by the Financial Services Authority (FSA). This scheme was replaced by the Financial Services Compensation Scheme (FSCS) in December 2001.The FSCS may be able to assist private investors if the firm with whom an investment was made is fully authorised and has gone into default and cannot pay out claims. No compensation can be sought when investment values decrease as a result of market trends or inflation. The maximum amount claimable under the FSCS is £48,000 which comprises the first £30,000 in full and 90% of the next £20,000. Note: An authorised firm must have satisfied the FSA that it is 'fit and proper' to conduct investment business. A list of authorised firms, known as the Central Register is maintained by the FSA. However members of Recognised Professional Bodies (RPBs) such as solicitors are not included in the ICS and operate their own compensation arrangements. Just CompensationJust CompensationIn condemnation the amount paid to the property owner. The theory is that in order to be "just," the property owner should be no richer or poorer than before the taking. Deferred compensationDeferred compensationAn amount that has been earned but is not actually paid until a later date, typically through a payment plan, pension, or stock option plan. Pensions Compensation BoardPensions Compensation BoardAn independent body set up on 6th April 1997 which pays compensation to individuals where money has been taken dishonestly from occupational pension scheme funds and the employer had become insolvent. Further SuggestionsPartial compensationFee and commission compensation Fee only compensation Fee based compensation Financial Services Compensation Scheme |
|
|
|