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FCA time Limits ??
widdle1970
Posts: 1 Newbie
Hi,
Can anyone guide me on the following:
I have received a letter following a claim for PPI compensation from 'Bank of Scotland', in which they have rejected my claim as my complaint falls 'outside the FCA's time limits' as they sent me a letter 3 years ago regarding this, which i did not respond to?
I was under the impression that we had until the 29th August 2019 to claim?
I have questioned this, but they have sent me another letter just saying the same thing.
Can anyone point me in the right direction, or has anyone had a similar experience that can help or confirm what they are saying?
Thank you
Can anyone guide me on the following:
I have received a letter following a claim for PPI compensation from 'Bank of Scotland', in which they have rejected my claim as my complaint falls 'outside the FCA's time limits' as they sent me a letter 3 years ago regarding this, which i did not respond to?
I was under the impression that we had until the 29th August 2019 to claim?
I have questioned this, but they have sent me another letter just saying the same thing.
Can anyone point me in the right direction, or has anyone had a similar experience that can help or confirm what they are saying?
Thank you
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Comments
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I was under the impression that we had until the 29th August 2019 to claim?
That is correct in respect of overall PPI complaints. However, it is in addition to the normal FCA timebars that have existed since 1988.
You have 3 years to raise a complaint from being reasonably aware of an issue. A CCL sent out is considered satisfactory to trigger the 3 year clock ticking.
So, if the CCL was sent more than 3 years ago, you are now timebarred from complaint.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
This is true, but you ignored/never received/binned a letter they sent to you three years ago inviting you to complain. This means the Bank can now impose a time bar on any complaint you might make, so it's game over for you just as you've now twice been informed. You have no recourse to the Ombudsman either.widdle1970 wrote: »I was under the impression that we had until the 29th August 2019 to claim?
Sorry.0 -
If you have moved house more than 3 years ago (or before they sent that letter) and they were not updated by you of the move because the account was closed you can ask them to review the time bar. If you have lived in the same place and / or moved and told them and they have proof they sent the letter then the time bar is valid. Do note proof they sent it is sufficient, post is deemed delivered 2 days after sending and it's not like you couldn't have been aware of the ppi problem in the last 3 years
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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