Does the judicial review mean the FSCS will look at claims pre January 2005?!

[Grecian2011]

Hi guys! It's like this...

I'm looking to make a claim against a company, London Scottish Bank, that is now in default meaning I can, as I understand it, do so via the Financial Services Compensation Scheme [FSCS].

On the FSCS website it says they're unable to look at claims for mis-sold PPI dating from before January 14, 2005 [when PPI sales were first regulated by the FSA].

However, I was wondering whether this remains the case given: [1] The FSA website states that the codes of the Association of British Insurers and, from 2001-2005, the General Insurance Standards Council were applicable to sales of PPI; and moreover [2] the judicial review brought by the BBA has now upheld this approach by the FSA.

If the rest of the banks were to go the same way as Lloyds and decide not to challenge this judgement would this open the way for the FSCS to look at mis-sold PPI claims dating from before January 14, 2005?!

Thoughts please.

Thanks in anticipation
Grecian2011

[EXC]

Re: Does the judicial review mean the FSCS will look at claims pre January 2005?!

See below the FSA's position on pre 2005.

But that won't necessarily chime with that of FSCS who have their own criteria.



Time barring and pre-2005 sales
Some firms argued that complaints about pre-2005 sales should not be included in the
scope of our Handbook provisions because they are all or mostly already out of time to be
considered on their merits (i.e. they are ‘time barred’ under our existing DISP rules).33
We disagree with this view. Decisions concerning the time barring of individual
complaints are ultimately for the FOS to make, but in general terms, our view (as set
out in CP10/6 para 3.14), is that general media coverage of the PPI issue, including
comments or publications by us, would not be enough to have given a consumer the kind
of specific ‘constructive knowledge’ required by DISP’s time limits.34
Accordingly, while some consumers who bought PPI before January 2005 may, on an
assessment of their individual circumstances and events, be deemed to have had appropriate
awareness before January 2008, such that they will be out of time by January 2011, our
view is that this is unlikely to apply to consumers generally (though that is ultimately a
decision for the FOS to make concerning complaints referred to it).

Conclusion on pre-2005 sales
There is nothing in firms’ responses which leads us to consider it necessary to retract
from our statement in the open letter concerning pre-2005 sales or to carve out
complaints about these sales from the scope of our final provisions. To do either would
leave substantially unaddressed the poor handling of a very significant proportion of PPI
complaints, and thus the significant potential consumer detriment caused by many of
these sales.


http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

[leclerc]

Re: Does the judicial review mean the FSCS will look at claims pre January 2005?!

I would add that the FSCS is not looking at claims apart from Welcome Finance yet pre 2005 claims are going through Welcome and not FSCS.