The Financial Service Authority says an investigation into the use of endowment time bars has found companies are applying them fairly, contrary to criticism from consumer bodies.
Findings announced by the FSA today state the use of “red” ABI code letter are in the main being applied in accordance with the rules set out since June 2004, but a small number of cases are seeing the time bar rules applied properly so those cases are being reopened as a result. This review follows criticism from organisations such as the Consumers’ Association which suggested firms were applying rules unfairly as well as arguing some firms are trying to ignore mis-selling complaints made by consumers. The FSA rules introduced in June 2004 meant firms could timebar mis-selling complaint...
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