The industry regulator, the Financial Services Authority will be clamping down on companies that tell clients they are out of time to complain. New guidelines could soon be issued to firms for use when handling complaints.
Some companies are telling potential complainants that because their policy is at least 15 years old, they now have no rights to complain. This is simply not true.
Our View
There is a 15-year overall time bar rule but this is generally in respect of retail sales. There is also a 3-year and 6-year time bar rule. Currently, the 15-year rule is being consulted on in terms of endowment complaints and will need to be clarified by the Financial Services Authority.
If you have been told that you cannot complain because your endowment is over 15 years old, let us know and we will provide you with further information.