PBA with Lloyd’s from 2010!

danielrm

Hello, I’m hoping that somebody May be able to give me advice on what steps to take next regarding my complaint to Lloyd’s regarding a package bank account that was miss sold to me in 2010.

To explain briefly, I was 19 at the time I wanted some quick cash so made an appointment with Lloyd’s to request a overdraft account.. I was basically told I needed a PBA in order to qualify which would also benefit me in relation to bettering my credit with regular payments etc and briefly touched on other benefits (which were all irrelevant to me and my social circumstances at the time), naively I accepted and took out the PBA. 

Aparently in 2012 the account switched from silver to premier? I never made this request and as discussed in my initial complaint I did not agree to the account change (no further benefits for me so why would I opt in to pay a higher PBA for nothing in return?).
Lloyd’s have accepted that the initial silver account was miss sold to me and agreed to refund me for the PBA 2010 - 2012, however will not refund the amount since the account change (that I never agreed to or requested!).  Their rationale to this states;
‘I am not required to consider the merits of your complaint as you complaint about the above product falls outside of the timescales set by the FCA’. 

I’m completely puzzled how they will refund the payments taken from 2010 to 2012 however won’t consider payments 2012 - 2020. 

Any advice on what steps I should take next? I can’t help but feel that they are trying to passify me with the refund for the initial account and worm their way out of the remainder of fees taken.   

Many thanks for taking the time to read this.

dunstonh

‘I am not required to consider the merits of your complaint as you complaint about the above product falls outside of the timescales set by the FCA’. 

I’m completely puzzled how they will refund the payments taken from 2010 to 2012 however won’t consider payments 2012 - 2020. 

Lloyds have been issuing annual benefit statements annually for many years now.  They tell you what the benefits are, what it costs and let you know that if you dont want them you can go to a different account at no cost.    These statements allow the 3 and 6 year timebar to be applied.  Both rules have to be met to timebar.  You have to complain within 6 years of the sale or 3 years from being reasonably aware of an issue.  2012 is more than 6 years ago and the annual benefit statements have been going out for over 3 years.   So, both rules are met and the timebar can be made.

 I can’t help but feel that they are trying to passify me with the refund for the initial account and worm their way out of the remainder of fees taken.   

That is an incorrect assumption.  They cannot timebar the original one as the 3 year rule cannot be met.