Member

The Government recognise that it is important for firms to have certainty around historic liabilities, which is why the Bill introduces a 10-year backstop time limit for bringing cases to the FOS. However, the Government are clear that there are some circumstances where such a timeframe is not appropriate. Consumers must have confidence that they will be treated fairly by the financial services sector, and the regulator must have the ability to act decisively in cases where there have been widespread issues. These amendments would undermine this. I therefore ask the noble Baroness not to press her amendment.