Package account and 6 year rule

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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asreed78asreed78 Forumite
3 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
Looking for a bit of advice.

I have complained about a packaged account I had between 1995 - 2006.

I had a response, which basically said they have reviewed, confirmed I had a packaged account, but advised would not be investigating further as 6 years had passed, I should have complained within that time.

is this correct ?


  • magpiecottagemagpiecottage
    9.2K Posts
    1,000 Posts Combo Breaker
    You have to complain within three years of the event you are complaining about or, if later, within three years of when ought to have realised you had grounds for complaint.

    Realistically, if the account was closed 10 years ago then they are probably right.

    You can, though, ask the Financial Ombudsman Service to look at it. However if the ombudsman agrees that the time limit has been correctly applied that is the end of the matter.
  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    magpiecottage covers the 3 year rule. The 6 year bit is 6 years from the sale of the product. Both the 3 year and the 6 year rule must be satisfied for it to be timebarred. The FOS uphold rate is only 11% on complaints made to them on packaged accounts. The main reason it is so low is because of timebars.

    They have been accepting closure or change of account as a trigger for the timebar clock.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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