Late news: 700,000 complaints are 'time barred', alleges Treasury

Details of the report were revealed by the Treasury Select Committee this morning, when the chief financial ombudsman Walter Merrick gave evidence to the committee on consumer confidence in the long-term savings industry. As part of their side questioning to long-term savings evidence, Normal Lamb MP and TSC chairman John McFall MP questioned whether 12% of 8.5m endowment policyholders or 700,000 consumers should be allowed to receive compensation for a potential mis-selling claim because the three-year ‘time bar’ rule does not allow a certain number of consumers to now make complaints. ...