The FSA has issued a new waiver from its complaints handling rules regarding unauthorised overdraft charges. The waiver replaces an existing one, which expires on 26 July 2008, and has been offered to those firms who signed up to the previous waiver. Signatories will not be required to handle complaints relating to unauthorised overdraft charges within the time limits set out in the Dispute Resolution manual.

The key points of the waiver include:

  • A duration of six months and a review early in 2009.
  • Continuation of the FSA’s consumer protection measures including record keeping requirements and a suspension of the limitation period for making a complaint.
  • Additional guidance on the identification of those complainants in financial difficulty.
  • Enhanced monitoring of firms focussing on consumers’ experience whilst the waiver is in place.

The FSA can revoke the waiver at any time if it considers a waiver is no longer appropriate, for example, if it no longer provides adequate consumer protection, or material progress is not being made in the test case, or a firm fails to comply with the conditions set out in the waiver.

View FSA grants new waiver to firms on complaints handling, 21 July 2008