Originally Posted by nattie
Tanzarelli, can I clarify that this is the current FSA waiver criteria? I have a bookmarked link and I am assuming that the waiver up to January 2009 is the one we are talking about?
Nattie this is the latest one with the revised criteria for dealing with complaints in financial difficulty:
Annex 2 – Dealing with complainants in financial difficulty
1. The firm will be sympathetic and positive when considering any financial difficulties claimed by the complainant. Firms will not subject a complainant to harassment or undue pressure when discussing their problems.
2. In making an assessment of financial difficulty the firm will take into account:
a. evidence of changes in lifestyle, including loss of employment; disability; serious illness; imprisonment; relationship breakdown; death of a partner; starting a lower paid job; parental/carer leave; and starting full-time education;
b. evidence of the following events:
i. items repeatedly being returned unpaid due to lack of available funds;
ii. failing to make loan repayments or other commitments;
iii. discontinuation of regular credits;
iv. notification of some form of insolvency or court proceedings;
v. regular requests for increased borrowing or repeated rescheduling of debts;
vi. making frequent cash withdrawals on a credit card at a non-promotional rate of interest; and
vii. repeatedly exceeding a credit card or overdraft limit without agreement (and, in this regard, where a complainant has incurred over £500 in unauthorised overdraft charges in the previous 12 months, that is to be treated as indicative of financial difficulty).
There have been a number of interim payments paid out by banks when claimants have met these criteria and provided evidence to support this.
LB's have seen a number of these recently nattie.