Lloyd’s gold package bank account claim

Lanson

Hi all,

I’m currently a carer for someone that was miss sold a gold Lloyd’s package account that they had from 2003-2008 .It was only until 2008 after Lloyd’s down graded the account without notice in 2008 but the person then closed that account in March 2013.

Lloyd’s are saying that the person,should of known from 2008 to make a complaint and it is too late to claim.They acknowledge it was miss sold but past 6 years. I explained that the person had a different carer and this was not picked up on his account. I explained that the person’s account was closed in 2013 and still should be in the 6 years but Lloyd’s are saying that have rejected the complaint and The person would have to make their complaint heard to the ombudsman.

I just wondered if there were anyone with similar complaints and what was the outcome?

Thanks

Nasqueron

Lanson wrote: »

Hi all,

I’m currently a carer for someone that was miss sold a gold Lloyd’s package account that they had from 2003-2008 .It was only until 2008 after Lloyd’s down graded the account without notice in 2008 but the person then closed that account in March 2013.

Lloyd’s are saying that the person,should of known from 2008 to make a complaint and it is too late to claim.They acknowledge it was miss sold but past 6 years. I explained that the person had a different carer and this was not picked up on his account. I explained that the person’s account was closed in 2013 and still should be in the 6 years but Lloyd’s are saying that have rejected the complaint and The person would have to make their complaint heard to the ombudsman.

I just wondered if there were anyone with similar complaints and what was the outcome?

Thanks

Everyone would expect the same answer in that circumstance - there are 2 rules financial bodies have to follow for complaints, 6 years from point of sale and 3 years from when you knew (or ought to have known) that you needed to complain.

Account in 2003 = 2009 is the 6 year time bar
Changing account in 2008 = triggers the 3 year time bar, and if not, closing the account in 2013 certainly did

Complaint is over, FOS will not overrule a correctly applied time bar. You have the right to refer it I suspect but it's really going to just waste the time of an FOS employee to look through it all and confirm the time bar is valid.

dunstonh

I explained that the person’s account was closed in 2013 and still should be in the 6 years but Lloyd’s are saying that have rejected the complaint and The person would have to make their complaint heard to the ombudsman.

The timebar rules seem to be applied in accordance with FCA rules. It is 6 years from opening the account or three years from being reasonably aware of an issue. Account change (to another account type) or closure both trigger the 3 year clock.

2003 is longer than 6 years ago. So, that rule is met
2008 is longer than 3 years ago. So, that rule is met
Even if you go by full closure in 2013, that expired in 2016.

I just wondered if there were anyone with similar complaints and what was the outcome?

Plenty are as timebarring is now one of the most common outcomes. The FOS are not overruling the time bars without very good reason.

-taff

So you are their carer? Are thy mentally incapacitated when it comes to bank accounts? Are they responsible for their own money or does someone manage their money for them?
Was this the case in 2003?

Lanson

This was the case from 2004 onwards