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As we’ve mentioned frequently over the last 18 months, the Financial Ombudsman Service (FOS) and The Financial Services Authority (FSA) have been overwhelmed by the number of PPI claims they’ve received. With consumer awareness growing and times harder than ever, the thought of regaining some money has proven to be an attractive prospect for many struggling Brit.
So, to help the FSA deal with the increase in claims, resources were shifted around and the Financial Services Act 2010 gave them the ability to make firms compensate clients through a collective redress scheme. Collective redress is similar to the US class action tool used to combine multiple identical claims into one claim against the alleged offender. This method would save a lot of time and resources and could mean quicker payouts but the power can only be used in against offences that a court or tribunal would find to be failures and the Limitation Act 1980 would limit victims to making their claim within 15 years of the failure occuring.