Will we all get our money back now

[MBD23]

Re: Will we all get our money back now

so its actually more like time extending than time barring

[EXC]

Re: Will we all get our money back now

so its actually more like time extending than time barring

It just reflects the existing complaints time-barring rules in DISP.

[EXC]

Re: Will we all get our money back now

How can you or they prove 'you ought reasonably to have become aware?'

That's the question.

As we know the courts take the view that you ought to have been aware by reading the documentation at the time. But the FOS have a blanket policy of accepting just about all older complaints because they cannot prove when you became aware.

The FSA referred to the issue in the Policy Statement:


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).

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.

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).

DISP specifies that complainants will have the longer of 6 years from the event giving
rise to the complaint (in this case the sale) or 3 yrs from when they knew (or ought
reasonably to have known) that they had cause for complaint, in which to complain
to the FOS. Firms may reject a complaint without considering the merits if they receive
a complaint outside these time limits.

In our view, for a customer to be aware for the purposes of starting the three year time
limit running for a potential PPI mis-selling complaint, they would need to have become,
or been made, aware of both a potential problem with the sale of their policy and potential
financial loss resulting from that. This is consistent with the approach we took to, for example,
the time barring of mortgage endowment complaints.

[labman]

Re: Will we all get our money back now

Despite all this from the FSA, as far as I can see, the FOS is silent on the topic. They have plenty about mis-selling and case studies of the same, but nothing about 'when the customer should have become aware.'

Is it just me, or does that make anyone else question what criteria they're actually going to use, given I've read, or at least scanned everything up to and including February 2012?

It is possible I missed it, but it's quite a high profile issue, I'd have thought it would have had quite a high profile section about this issue.

[MBD23]

Re: Will we all get our money back now

That's the question.

As we know the courts take the view that you ought to have been aware by reading the documentation at the time. But the FOS have a blanket policy of accepting just about all older complaints because they cannot prove when you became aware.

The FSA referred to the issue in the Policy Statement:


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).

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.

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).

DISP specifies that complainants will have the longer of 6 years from the event giving
rise to the complaint (in this case the sale) or 3 yrs from when they knew (or ought
reasonably to have known) that they had cause for complaint, in which to complain
to the FOS. Firms may reject a complaint without considering the merits if they receive
a complaint outside these time limits.

In our view, for a customer to be aware for the purposes of starting the three year time
limit running for a potential PPI mis-selling complaint, they would need to have become,
or been made, aware of both a potential problem with the sale of their policy and potential
financial loss resulting from that. This is consistent with the approach we took to, for example,
the time barring of mortgage endowment complaints.

so they will only be able to go 3 years forward not 6 years back once having received a letter?
the person will receive 2 letters so the banks will get their way as being acceptable will only not be where the client has moved house and hasnt remained a client as most will give new address details

[leclerc]

Re: Will we all get our money back now

so they will only be able to go 3 years forward not 6 years back once having received a letter?
the person will receive 2 letters so the banks will get their way as being acceptable will only not be where the client has moved house and hasnt remained a client as most will give new address details

If the loan was a continuous ie that loans paid off loans etc ,etc, I believe the banks will look at ALL loans and PPI especially if the PPI was continuous. I think it depends how you look at the loans. If it was for example, one loan paid off then a brand new loan with a break of say, 6 months then I would expect them to simply follow the 6 year rule of thumb.

[labman]

Re: Will we all get our money back now

There are some useful case examples on the FOS website. Not sure off the top of my head if there's one that covers this, but they're worth a read, purely for information's sake.