No.
Costco has a 90 return policy on electronics. This is much more lenient than most US companies like Best Buy; I don't know standard return policies in the UK but I suspect this is also generous to you. This is the reason that I will only purchase electronics at Costco.
Of course the camera is cheaper now. It's 90 days old and electronics discount fast.
If you missed the 90 day window, you can't return the item to Costco. Not now, not after 2 years.
You will have to go through the manufacturers warranty if you want it repaired.
It's under warranty from the day you bought it. You don't have to wait 2 years.
If it's faulty, then take it back to Costco and demand that something is done about repairing or replacing it. Ask to see a manager if necessary.
Write a letter quoting the supply of goods and services act with your compliant and they will be quick to respond
After two years you get nothing.