Lloyds packaged bank account- outside time limit

Marshmallowpants01

Hi, I just wanted a bit of advice. I put in a claim for a packaged bank account with Lloyds that I had from 2007 til 2013 (various types). I've had a letter from Lloyd's upholding my complaint for a silver account (a small amount) in September 2009. However, they have then said my gold account was outside of time limit to complain which started in October 2009. I don't understand how they can say that an older one was not outside the time limit, but a newer one is.
If I took this to the financial ombudsman would they look at it? Or will they say it is outside the time limits too?

SonOf

Timebars can be applied where the sale was 6 or more years ago and more than 3 years from you being reasonably aware of an issue. Very many PBA complaints are rejected correctly using the timebar due to annual benefit statements they started issuing many years ago (more than 3). Many of these only started around 2012 onwards.

The key thing is that there has to be something that triggers the 3 year time clock.

I don't understand how they can say that an older one was not outside the time limit, but a newer one is.

There could be a few reasons.
1 - It could be an auto payout as the amount is below their threshold (the silver account being below and the gold being over. So they investigate the gold but autopayout on the silver).
2 - it could be that the silver account never had anything to trigger the 3 year clock. its from before the period of the annual benefit statements being issued whereas the gold one is from that period.

If I took this to the financial ombudsman would they look at it? Or will they say it is outside the time limits too?

If the time bar is valid, the FOS cannot look at it. The FOS are only upholding around 10-15% of PBA complaints. This includes those time-barred. At this late stage with PBA complaints, you would expect the banks to know the FOS expectations on what is or isnt acceptable and the stats suggests not many referred to the FOS are outside expectation.

The timebar rules are set by the FCA. If the firm is following the FCA rules the FOS will not overrule the timebar.

Bermonia

Seems like they are correctly applying the 6 & 3 rule... more than six years after the event (taking the package account) and more than three years after you should’ve had reasonable knowledge to complain (cancelling the package account).

The_Bee29

Thank you very much for highlighting the packaged bank account, cut the story short I used the M S E tools and sent off claim on 07/02/2020 with Lloyd's bank. Text message from Lloyd's 10/02/2020 advising they would contact me on the 11/02/2020 which they did. After a few questions relating to my complaint and a couple of hours later £3.500 was deposited into my bank account.