Bill extends time limit for certain FSO Complaints
The Government has published the General Scheme of the Financial Services and Pensions Ombudsman Bill 2016 which can be found here.
The Bill, in Head 36, proposes an additional limitation period in respect of complaints in relation to pension providers or providers of long term financial products which runs from the time the complainant became aware of the act or conduct giving rise to the complaint or should have become so aware. Head 36 provides:
A complaint or reference under this Head shall be made to the Ombudsman within whichever of the following periods is the last to expire:
(a) 6 years from the date of the act or conduct giving rise to the complaint or reference, or
(b) 3 years from the earlier of the following two dates, namely the date on which the person making the complaint first became aware of the said act or conduct and the date on which that person ought to have become aware of that act or conduct, but only where the complaint is against pension providers or financial services providers of long-term financial products.
For further information please contact Paula Mullooly.
Date published:18 October 2016