Time limit to FSCS claims - appeal grounds ?

Grimbal

I recently became aware that I may be able to claim against a mismanaged fund & initiated a claim with the FSCS.  Unfortunately, it was rejected on the grounds that too much time had elapsed.  They have said that I should have been aware that I could make a claim starting from Feb 2012, meaning that I had 6 years until Feb 2018 to initiate the complaint.

I do hold up my hands for being spectacularly financially unaware: I was always under the impression that "investments may decrease in value as well as increase" as all the adverts say, and I've never received any indication from the company appointed to deal with the suspended funds that I may be able to make a complaint.  Add this to an estrangement with my father who holds the original documentation, & it meant that I had written off the money that I had lost.

Does anyone know if the 6 year rule is non negotiable, or whether there may be any other grounds to re-open the claim please ?

TIA

p3ncilsharpener

No, you've lost the money.

[Deleted User]

Finance time bar rules are not negotiable full stop, just as a firm cannot chase you for a statute barred debt (also 6 years)

You have 6 years from opening the product and 3 years from when you knew, or could reasonably have known, you had cause for complaint.

What would your complaint be? That a fund that could go down did so? What evidence is there of mis-management, vs simply poor performance?

dunstonh

 I was always under the impression that "investments may decrease in value as well as increase" as all the adverts say, and I've never received any indication from the company appointed to deal with the suspended funds that I may be able to make a complaint.

Every regulated financial services firm includes the complaints process in its documentation.  As does every provider/investment platform and fund house.

Does anyone know if the 6 year rule is non negotiable, or whether there may be any other grounds to re-open the claim please ?

No

Remember that the FSCS only deals with companies that are no longer trading.  The process is different for companies that are still trading and the timebar is more consumer friendly.

[Deleted User]

Deleted_User said:

Finance time bar rules are not negotiable full stop, just as a firm cannot chase you for a statute barred debt (also 6 years)

This isn't accurate. There is some scope for exceptional circumstances or if the individual wasn't aware they had reason to complain at the time. I don't believe the OP's circumstances would count but to suggest it's a blanket rule with no leeway at all could give anyone reading this a misleading view of their situation.

[Deleted User]

Deleted_User said:

Deleted_User said:

Finance time bar rules are not negotiable full stop, just as a firm cannot chase you for a statute barred debt (also 6 years)

This isn't accurate. There is some scope for exceptional circumstances or if the individual wasn't aware they had reason to complain at the time. I don't believe the OP's circumstances would count but to suggest it's a blanket rule with no leeway at all could give anyone reading this a misleading view of their situation.

The 3 year rule is that a person knew, or could reasonably have known, they had reason to complain. You cannot just pick arbitrary dates out of thin air and say that was when you knew. There are multiple triggers for the 3 year rule, customer contact letters (CCLs), annual statement of benefit/cost with advice on free alternatives etc. There are very rarely exceptions yes like with PPI but customer simply claiming they didn't know is not one of them, if it can be shown they could reasonably have known.