Time Limits for Making Complaints to the FSPO

Section 51 of the Financial Services and Pensions Ombudsman Act 2017 prescribes that any complaint about a "long-term financial service", can be made not only within a period of six years of the date of the conduct complained of, but also within a period of three years of a certain "date of knowledge" as prescribed within the Act. In addition, the Ombudsman has a statutory discretion, regarding such complaints, to extend the time if there are reasonable grounds for requiring a longer period and it would be just and equitable in all the circumstances to do so.

The definition of a "long-term financial service" was amended by Section 9 of the Markets in Financial Instruments Act 2018 and the definition now includes additional provisions. Please click here to read more about this somewhat complex statutory amendment which now forms an integral part of the FSPO's remit.