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Just because i wanted to check - confirms the banks can't raise limitations unless a claim goes back past July 2001 whether in court, with the fos or in the complaints system. So there is no need to incur the expense of putting a claim in at court if you are only claiming back to July 2001. Additionally the waiver does allow for an amount of compensation (interest) to be repaid on top of the charges.
Dear Ms Amethyst
Thank you for your query below:
The relevant provision of the waiver is condition 13(14). This states that firms must not take into account the period between 27 July 2007 and the date of termination of the waiver for the purposes of relying on any limitation periods or time limits within which complainants must:
(a) make relevant charges complaints;
(b) refer relevant charges complaints to the Ombudsman; or
(c) bring claims before the court.
So, the position is that a complainant may claim charges going back as far as the limitation period plus the period of the waiver and this applies to complaints made directly to firms as well as claims to the courts and the FOS.
Further, to clarify a point in your email, there is no need for the consumer to raise the issue of limitation. The waiver requirement means that firms may not raise limitation as a defence (in court, to the FOS or directly to the consumer).
Thank you
S. Malko
Information Access Team
Financial Services Authority
Dear Ms Amethyst
Thank you for your query below:
The relevant provision of the waiver is condition 13(14). This states that firms must not take into account the period between 27 July 2007 and the date of termination of the waiver for the purposes of relying on any limitation periods or time limits within which complainants must:
(a) make relevant charges complaints;
(b) refer relevant charges complaints to the Ombudsman; or
(c) bring claims before the court.
So, the position is that a complainant may claim charges going back as far as the limitation period plus the period of the waiver and this applies to complaints made directly to firms as well as claims to the courts and the FOS.
Further, to clarify a point in your email, there is no need for the consumer to raise the issue of limitation. The waiver requirement means that firms may not raise limitation as a defence (in court, to the FOS or directly to the consumer).
Thank you
S. Malko
Information Access Team
Financial Services Authority
