MSE News: MSE and Which? urge regulator not to put a time bar on PPI complaints

Former_MSE_Paloma

MoneySavingExpert.com and Which? have sent a letter to the financial regulator over concerns of a PPI claim time bar...

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MSE and Which? urge regulator not to put a time bar on PPI complaints




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chanz4

Don't you think we need to put this one to bed, how many years have people had to claim? After all a lot are chancing refunds, just like debts not chased after 6 years they are written off and it is a two way street

dunstonh

There are already cases time barred. The 3/6 year timebar is being utilised by some banks. Although many have yet to hit the 3 year period yet as the CCLs went out less than three years ago.

The 3/6 year rule is already in the FCA rule book and requires the FCA to take no action. It it unlikely to suspend a rule just as likely as it would not introduce a new rule to give a different time bar.

Courts are one option available but considering PPI had largely ceased being retailed by 2008 (7 years ago) and there is a time bar of 15 year on the courts that can be used, then its only a widow of 8 years that the banks could potentially see some legal action.

magpiecottage

The 6 years from the date of advice. 3 years from date of awareness rule is also in the Limitation Act 1980 (and more strictly applied be a court than by FOS).

Therefore, if the FCA limit is applied, a CMC is unlikely to attempt to take the matter to court.

In addition, as dunstonh says, there is a 15 year limit.

It is also worth remembering that there is a cost of arguing over historic disputes in perpertuity, which will be passed on to all customers of the banks. That, too, is consumer detriment.

Ken68

Have just applied direct to Santander over recoverable insurance from 1996. Despite no documents they have acknowledged the claim by asking for further details, so hopefully all official.

chanz4

they may be asking for the details as so far back, they cant locate

dunstonh

Ken68 wrote: »

Have just applied direct to Santander over recoverable insurance from 1996. Despite no documents they have acknowledged the claim by asking for further details, so hopefully all official.

What is recoverable insurance?

They are required to acknowledge the complaint. Although by asking for more details, this would suggest that they are having problems locating any at their end at this time.

chanz4

that's how I read it

Ken68

I was charged Payment Protection Insurance although self employed. It was a loan of £1500 for one year so probably only (guessing) £20.
But I did bank with Alliance and Leicester at the time so there must be some records.

magpiecottage

Ken68 wrote: »

I did bank with Alliance and Leicester at the time so there must be some records.

Not necessarily. There was no requirement to retain them and if they have been destroyed then you have no case.