FSA Waiver: All claims can go back 6 years from 27th July 2007

[ROBSTER]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

We already know that this is not the case. Robster, call your bank and ask them how far back you can get your statements, mention a financial dispute with a company(not bank charges) and see what they say. I guarantee they won't say 6 years.

It is not a matter of what they will say now (in the middle of a waiver), my concern is ensuring that where records do exist they are not routinely destroyed by the banks where a dispute has not been registered by the claimant (that's my hyperthetical chap who starts the reclaim process the day after the waiver is lifted).

I am not worried about informed claimants such as we, but for the vast majority (and I predict thats about 70-80% of would be claimants) who have done nothing about it thus far.

[natweststaffmember]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

It is not a matter of what they will say now (in the middle of a waiver), my concern is ensuring that where records do exist they are not routinely destroyed by the banks where a dispute has not been registered by the claimant (that's my hyperthetical chap who starts the reclaim process the day after the waiver is lifted).

I am not worried about informed claimants such as we, but for the vast majority (and I predict thats about 70-80% of would be claimants) who have done nothing about it thus far.

That hypothetical question is easy, because when the charging structure is changed, then everything and I mean EVERYTHING that went before is refundable

[Amethyst]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

Nats, Robster means IF the companies destroy data older than 6 years (7 maybe in natwests case) how can people claim their refunds back to Jul 01 if they don;t ask for data till Jan 2012 ?

[ROBSTER]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

Which DSAR says this ? I know some of the template letters do tend to stick to asking for information within the SoL but i don';t recall anything from the ICO or in the DPA about a 6 year limit ?

We already know that this is not the case. Robster, call your bank and ask them how far back you can get your statements, mention a financial dispute with a company(not bank charges) and see what they say. I guarantee they won't say 6 years.

From ICO SITE:
The Data Protection Act says that information should be kept for no longer than is necessary. The Act does not specify what a ‘necessary’ period should be for particular information. Each case would be considered on its own merits. If an organisation is obliged to retain data for a given length of time under any other laws, this should be taken into consideration.
For example, financial institutes may have to keep some information for up to six years in accordance with the Financial Services Authority regulations (now i'm worried!).

Thats where the 6 year bit came from (in my mind)

I hope I am wrong but I cant help but wonder who benefits more out of a delay of process in resolving the issue of bank charges. I would rather not see a fudged result a la credit cards (and dont expect this) clarification is needed for all parties concerned, except for Angela Knight who knows everything there could be to know about Banking (apart from the obvious). BUT WHO BENEFITS FROM A DELAY (wheter intentional or not)? AND IF BANKS DO BENEFIT COULD THE NON AVAILIABILITY OF REQUISITE DATA BE ONE OF THE WAYS IN WHICH THEY MIGHT? If so I want to try and close down the loophole before they are jumping through hoops!

[Amethyst]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

yep indeed I woul dhope its been considered - email the FSA and OFT and ask them what they have in place to prevent this happening - doesn't hurt to ask the ICO, and possibly FOS as well either

[ROBSTER]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

That hypothetical question is easy, because when the charging structure is changed, then everything and I mean EVERYTHING that went before is refundable

I'll drink to that !

But if the data is not available to base the case on (oops the FSA said get rid of it after six years) everything becomes "everything we can prove that went on before" I mean PROVE.

Ill contact as amy suggested and see what they have to say.

[Amethyst]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

good idea Robster, let us know what they say

[Amethyst]

Re: FSA Waiver: All claims can go back 6 years from 27th July 2007

I'll drink to that !

But if the data is not available to base the case on (oops the FSA said get rid of it after six years) everything becomes "everything we can prove that went on before" I mean PROVE.

Ill contact as amy suggested and see what they have to say.

Did you do this Robster and did you get any response ?