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Sirs,
I would like to ask some information which I believe some of which may fall under the Freedom of Information Act. My enquiry relates to the FSA Waiver on complaints handling for financial institutions when considering complaints regarding overdraft fees.
The FSA have stated that the clock on limitations stopped on 27 July 2007, and therefore consumers with complaints will be able, on the outcome of the test case, be able to reclaim back to 27 July 2001 without arguing anything under s.32 of the Limitations Act.
There is a concern that the Financial Institutions may destroy data past the standard 6 years thus rendering claims prior to (as of now) April 2003 impossible. The Information Commissioners Office does only require FI's to hold data for 6 years.
Have the FSA had any communications with the Financial Institutions or with the Information Commissioners Officer regarding the destruction of data between 27 July 2001 and for example, April 2003 ? Can you supply copies of any communication regarding this matter.
Does the FSA intend to implement an injunction against the destruction of data held after 27 July 2001 ?
Many thanks for your assistance.
Julian Siddle
YOur Ref. FOI1246
13 May 2009
Dear Ms Malko
Thank you for your response to my FOI request regarding data retention under the FSA waiver. I am sure you can understand the concerns raised and appreciating you taking the time to reply so comprehensively.
In your letter you mention a letter issued to all firms that have a waiver on the 19th March 2009. Is a copy of this letter in full available on your website or would it be possible to receive a copy of this letter?
Thank you for your continued assistance.
Julian Siddle
I would like to ask some information which I believe some of which may fall under the Freedom of Information Act. My enquiry relates to the FSA Waiver on complaints handling for financial institutions when considering complaints regarding overdraft fees.
The FSA have stated that the clock on limitations stopped on 27 July 2007, and therefore consumers with complaints will be able, on the outcome of the test case, be able to reclaim back to 27 July 2001 without arguing anything under s.32 of the Limitations Act.
There is a concern that the Financial Institutions may destroy data past the standard 6 years thus rendering claims prior to (as of now) April 2003 impossible. The Information Commissioners Office does only require FI's to hold data for 6 years.
Have the FSA had any communications with the Financial Institutions or with the Information Commissioners Officer regarding the destruction of data between 27 July 2001 and for example, April 2003 ? Can you supply copies of any communication regarding this matter.
Does the FSA intend to implement an injunction against the destruction of data held after 27 July 2001 ?
Many thanks for your assistance.
Julian Siddle
12 May 2009
Tel. 020 7066 9378
Our Ref. FOI1246
Dear Mr Siddle
Freedom of Information: Right to know request
Thank you for your request under the Freedom of Information Act 2000 (the Act), for the following information (I have numbered your points for ease of reference):
“The FSA have stated that the clock on limitations stopped on 27 July 2007, and therefore consumers with complaints will be able, on the outcome of the test case, be able to reclaim back to 27 July 2001 without arguing anything under s.32 of the Limitations Act.
There is a concern that the Financial Institutions may destroy data past the standard 6 years thus rendering claims prior to (as of now) April 2003 impossible. The Information Commissioners Office does only require FI's to hold data for 6 years.
(1) Have the FSA had any communications with the Financial Institutions or with the Information Commissioners Officer regarding the destruction of data between 27 July 2001 and for example, April 2003? Can you supply copies of any communication regarding this matter.
(2) Does the FSA intend to implement an injunction against the destruction of data held after 27 July 2001?”
Your request has now been considered and in relation to point (1), I can confirm that we hold some of the information you have requested. However, as the information we hold is reasonably accessible to you by other means, we have not supplied it to you. This is because the following exemption under the Act applies:
To the extent that we do hold publicly available information, we are not required to release it under this exemption as it is information accessible to you by other means. The publicly available information is that we communicated our record keeping requirements to firms within the conditions of the waiver direction and variation of direction. These are available via the FSA website (www.fsa.gov.uk).
http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/disp_monthly.pdf
On 19 March 2009, the FSA issued all firms that have a waiver a letter which referred to a number of topics, one of which was the preservation of records. The relevant extract of that letter is reproduced to you below:
Waiver condition 13 (5)
This condition relates to the preservation of records that are (or could be) relevant for the handling of existing or future relevant charges complaints.
As this requirement has been in place since the first waiver in July 2007, we expect that firms will have taken pro-active steps to ensure that any systematic or routine procedures in place for destroying or archiving old records have been reviewed, to ensure that such processes could not cause the firm to be in breach of waiver condition 13 (5).
The FSA has not had any communications with the Information Commissioners Office regarding the destruction of data relating to unauthorised overdraft charges.
In relation to point (2), the FSA does not intend to implement an injunction against the destruction of data held after 27 July 2001.
If you are unhappy with the decisions made in relation to your request, you have the right to request an internal review. Should you wish to exercise your right to an internal review you should contact us within three months of the date of this email.
If you are not content with the outcome of the internal review, you also have a right of appeal to the Information Commissioner at:
Information Commissioner's Office
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF
Telephone: 01625 545 700
Website: www.ico.gov.uk
Yours sincerely
Sherine Malko (Ms)
Sherine Malko
Financial Services Authority
Associate - Information Access
020 7066 9378
www.fsa.gov.uk
Tel. 020 7066 9378
Our Ref. FOI1246
Dear Mr Siddle
Freedom of Information: Right to know request
Thank you for your request under the Freedom of Information Act 2000 (the Act), for the following information (I have numbered your points for ease of reference):
“The FSA have stated that the clock on limitations stopped on 27 July 2007, and therefore consumers with complaints will be able, on the outcome of the test case, be able to reclaim back to 27 July 2001 without arguing anything under s.32 of the Limitations Act.
There is a concern that the Financial Institutions may destroy data past the standard 6 years thus rendering claims prior to (as of now) April 2003 impossible. The Information Commissioners Office does only require FI's to hold data for 6 years.
(1) Have the FSA had any communications with the Financial Institutions or with the Information Commissioners Officer regarding the destruction of data between 27 July 2001 and for example, April 2003? Can you supply copies of any communication regarding this matter.
(2) Does the FSA intend to implement an injunction against the destruction of data held after 27 July 2001?”
Your request has now been considered and in relation to point (1), I can confirm that we hold some of the information you have requested. However, as the information we hold is reasonably accessible to you by other means, we have not supplied it to you. This is because the following exemption under the Act applies:
- Section 21 ( Information accessible to applicant by other means)
To the extent that we do hold publicly available information, we are not required to release it under this exemption as it is information accessible to you by other means. The publicly available information is that we communicated our record keeping requirements to firms within the conditions of the waiver direction and variation of direction. These are available via the FSA website (www.fsa.gov.uk).
- 2007 waiver (see condition 12[6])http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/direction_disp.pdf
- 2008/9 waiver (see condition 13[5])
http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/disp_monthly.pdf
On 19 March 2009, the FSA issued all firms that have a waiver a letter which referred to a number of topics, one of which was the preservation of records. The relevant extract of that letter is reproduced to you below:
Waiver condition 13 (5)
This condition relates to the preservation of records that are (or could be) relevant for the handling of existing or future relevant charges complaints.
As this requirement has been in place since the first waiver in July 2007, we expect that firms will have taken pro-active steps to ensure that any systematic or routine procedures in place for destroying or archiving old records have been reviewed, to ensure that such processes could not cause the firm to be in breach of waiver condition 13 (5).
The FSA has not had any communications with the Information Commissioners Office regarding the destruction of data relating to unauthorised overdraft charges.
In relation to point (2), the FSA does not intend to implement an injunction against the destruction of data held after 27 July 2001.
If you are unhappy with the decisions made in relation to your request, you have the right to request an internal review. Should you wish to exercise your right to an internal review you should contact us within three months of the date of this email.
If you are not content with the outcome of the internal review, you also have a right of appeal to the Information Commissioner at:
Information Commissioner's Office
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF
Telephone: 01625 545 700
Website: www.ico.gov.uk
Yours sincerely
Sherine Malko (Ms)
Sherine Malko
Financial Services Authority
Associate - Information Access
020 7066 9378
www.fsa.gov.uk
13 May 2009
Dear Ms Malko
Thank you for your response to my FOI request regarding data retention under the FSA waiver. I am sure you can understand the concerns raised and appreciating you taking the time to reply so comprehensively.
In your letter you mention a letter issued to all firms that have a waiver on the 19th March 2009. Is a copy of this letter in full available on your website or would it be possible to receive a copy of this letter?
Thank you for your continued assistance.
Julian Siddle
