FOS: "we cannot consider PPI before 14/1/05"

headache5678

The FOS have just advised me of the above, and I can see that this is clearly set out on their website.

However, I wonder - is this a new stance or a new rule in respect of credit card PPI claims ?

Alternatively have the FOS always been unable to consider simple (i.e. not connected with ancilliary products) credit card PPI originally provided prior to 14 January 2005 ?

dunstonh

However, I wonder - is this a new stance or a new rule in respect of credit card PPI claims ?

It is a position that has been in place since 14th January 2005. That is the date the FSA began regulating insurance.

Alternatively have the FOS always been unable to consider simple (i.e. not connected with ancilliary products) credit card PPI originally provided prior to 14 January 2005 ?

PPI is insurance. Insurance became regulated from 14th Jan 2005 as mentioned. Firms that did not fall under an earlier regulatory or voluntary body do not have to consider complaints on sales made before 14th January 2005. The FOS has no ability to rue on cases set up before that date with those firms. Common scenarios where this is the case are car dealers, loan brokers and mortgage brokers. Banks had an earlier body and FSA regulation was considered continuous. So, the FOS can get involved on those cases.