The FSA have stated that the clock on limitations stopped on 27 July 2007, and therefore consumers with complaints will be able, on the outcome of the test case, be able to reclaim back to 27 July 2001 without arguing anything under s.32 of the Limitations Act.
There is a concern that the Financial Institutions may destroy data past the standard 6 years thus rendering claims prior to (as of now) April 2003 impossible. The Information Commissioners Office does only require FI's to hold data for 6 years.
We (Tools actually ) asked the FSA a couple of questions regarding enforcement of this statement.
(1) Have the FSA had any communications with the Financial Institutions or with the Information Commissioners Officer regarding the destruction of data between 27 July 2001 and for example, April 2003? Can you supply copies of any communication regarding this matter.
(2) Does the FSA intend to implement an injunction against the destruction of data held after 27 July 2001?”
There is a concern that the Financial Institutions may destroy data past the standard 6 years thus rendering claims prior to (as of now) April 2003 impossible. The Information Commissioners Office does only require FI's to hold data for 6 years.
We (Tools actually ) asked the FSA a couple of questions regarding enforcement of this statement.
(1) Have the FSA had any communications with the Financial Institutions or with the Information Commissioners Officer regarding the destruction of data between 27 July 2001 and for example, April 2003? Can you supply copies of any communication regarding this matter.
Originally posted by FSA
(2) Does the FSA intend to implement an injunction against the destruction of data held after 27 July 2001?”
Originally posted by FSA
Comment