When does the clock-start re compensation time period

Andrew4444

I got a Green letter from the pru 5 years ago which did not warn of a shortfall as it said I was on track to meet the target amount. I had an Amber one in March 2007 so if the time starts then I am within the 3 year time period.

Question. Does the time start at date of Green letter or Amber??

Pru says it starts at date of green so they say I'm timed out.

Are they correct starting the clock on Green letter date?? This seemed to me to be

a ' your just over the traget anount but you are over it'

against a reasonable prediction of returns.

dunstonh

Question. Does the time start at date of Green letter or Amber??

If there has been any period of shortfall in the past they can start that as the three year point but they must write to you to let you know what the date of your last chance to complain is. This often appears on the statements and they have to give you 6 months.

So, it is possible that more recent green periods are irrelevant as they could be using a amber/red from 2000-2003 to allow them to start a time bar even if you are green for some or all of the period that follows.

Andrew4444

Green Mar 2003 - No shorfall implied
Amber Mar 2007 - Possible shorfall
Red last month- likley shorfall

Presume then the clock should start Mar 2007?

dunstonh

Well, if you havent had the high risk of shortfall warning (which can be used with an amber but it more common than red) then they cant start a time bar on a green.

Take a read of: http://www.fsa.gov.uk/pubs/other/time_barring.pdf

Then quote the bits back to Pru and ask them how they can start it on a green yet the FSA rules state they cant.

Andrew4444

Thanks. I've contacted the Ombudsman and they think I have a case.