Member

Turning to Amendment 44, I recognise that many stakeholders desire clarity around the eligibility of older complaints for the FCA’s consumer redress schemes under Section 404 of FSMA, also known as mass redress schemes. Certainty around historic liabilities matters and the bar for regulatory action must be high. This is why the FOS, which was never intended to deal with complex, systemic issues, will be made subject to an overall 10-year limit for the age of complaints, subject to key exceptions set by the FCA for long-term products such as pensions.