The Ombudsman 3 year time limit

Has anyone tried to invoke the 3 year exception to the rule?

A complaint must be made within 6 years of the conduct complained of.

However, in the case of a long-term financial service, a complaint can be made within three years of the client becoming aware of the

51. 2. (ii) 3 years from the earlier of the date on which the person making the
complaint became aware, or ought reasonably to have become aware, of the conduct giving rise to the complaint;


Section 2(1) of the FSPO Act 2017 provides that a:

“long-term financial service” means—

(a) a financial service the duration of which is a fixed term of 5 years and one month, or more, ....

I was not aware of this.

So if a broker sells an open ended investment product which has no fixed term, then the 3 year rule does not apply.

It applies to mortgages because they are always for a fixed term.