The FSA announced last week that it has introduced a temporary rule which will allow customers with complaints about the purchase of a payment protection insurance (PPI) product more time within which to make a complaint to the Financial Ombudsman Service (FOS).
The temporary rule suspends the existing six month time limit within which a customer is able to refer a complaint to the FOS following receipt of a final response from a firm.
The transitional rule will be effective for five months (ending on 27 October 2010). The temporary rule will apply to those complainants who received a final response from a firm between 28 November 2009 and 28 April 2010.
The FSA has introduced the temporary rule in order that recent complainants against PPI sales are not disadvantaged by a time bar while the FSA works to find a long term solution to ensure that customers of PPI policies are able to secure fair outcomes.
There has been no consultation for this temporary rule change.