What's the cut off for claiming for mis selling?

maggiesoup1

About 15 years ago (and when I was a bit naïve) I had made a reasonable profit on selling my house and decided to give investing a change, rather than put money in a bank/building society, so got an IFA to come visit. About 5 years later I lost about £10,000 in various technology bonds but have no paperwork to check my Attitude to Risk (maybe I ticked the box for taking some risk so I'm not 100% blaming the guy).
Out of the blue I received a letter last week to say this IFA was now in liquidation but as he was part of their group they held my file. Result! I thought I could get all the info I needed to proceed, however they are asking for £10 for this. Could anyone advise (a) is this charge legal and (b) if I could prove I was missold, is it too late now to claim compensation?

Thanks in advance.

dunstonh

What's the cut off for claiming for mis selling?

6 years from the sale of the product or three years from being reasonably aware of an issue (whichever is longer).

Out of the blue I received a letter last week to say this IFA was now in liquidation but as he was part of their group they held my file. Result! I thought I could get all the info I needed to proceed, however they are asking for £10 for this. Could anyone advise (a) is this charge legal and (b) if I could prove I was missold, is it too late now to claim compensation?

£10 is legal and the correct charge for a data subject access request.

However, if you complain, they could choose to apply the timebar as it was over 6 years from purchase and three years from the surrender. I am assuming you surrendered the investment as you say you have no paperwork. So, both measures can be met by the timebar rules.

magpiecottage

dunstonh wrote: »

However, if you complain, they could choose to apply the timebar as it was over 6 years from purchase and three years from the surrender.

That is a clear problem. However, it is possible (though unlikely) that they will not choose to do so. It is also possible that the Financial Ombudsman Service will consider that the limit should not apply anyway.