Why does the FSA allow consumers to refer complaints to the FOS, which would otherwise be time-barred by the 15 year Long Stop provision in the Limitation Act (1980)?
The Limitation Act 1980 applies to claims made through the courts. However, we were required by the Financial Services and Markets Act 2000 (FSMA), to set time limits for the referral of complaints to the FOS. The time limits we specified in our rules were driven by policy concerns about the intended purpose and operation of the FOS, and the needs of consumers and firms within financial services markets, and did not include any 15 year long stop. We consulted on these rules during 2000/01. We recently set out the position in a letter to the IFA Defence Union. The relevant extract is as follows: “in some quarters, there is surprise that the Ombudsman is not subject to the 15 year long-stop limit that governs court claims in negligence. The Policy Statement [PS 158] ……covered this ground, noting that there was no requirement for the rules to follow the time limits for court claims (although, as a matter of policy, they generally do). The Statement also explained that, having regard to th
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