The Financial Services and Pensions Ombudsman Act 2017 provides for the following time limits in relation to long-term financial services.
"(2) A complaint in relation to -
(a) conduct referred to in section 44(1)(a) that, subject to the requirements specified in subsection (3), relates to a long-term financial service, or
...
shall be made to the Ombudsman within whichever of the following periods is the last to expire:
(i) 6 years from the date of the conduct giving rise to the complaint;
(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;
(iii) such longer period as the Ombudsman may allow where it appears to him or her that there are reasonable grounds for requiring a longer period and that it would be just and equitable, in all the circumstances, to so extend the period.
(3) The requirements referred to in subsection (2)(a) are that -
(a) the long-term financial service concerned has not expired or otherwise been terminated more than 6 years before the date of the complaint, and the conduct complained of occurred during or after 2002, or
(b) the Ombudsman has allowed a longer period under subsection (2)(iii)."
In relation to Payment Protection Insurance (PPI), I understand from the Financial Services and Pensions Ombudsman's Office that this may, in certain circumstances, be considered a long term financial product when there is a life cover or death benefit attaching. In addition if the loan to which the payment protection is attached is over five years and one month in duration, it would be considered a long term financial product. In these circumstances the Ombudsman may investigate a complaint where the conduct complained of occurred during or after 2002 or at his discretion before this date.
I should stress that it must appear to the Ombudsman that there are reasonable grounds for requiring the longer period and it would be just and equitable in all the circumstances to extend the period.
I further understand from the Central Bank that a total of €71.0m was refunded to approximately 83,500 customers since 1 July 2007 by the eleven credit institutions covered by the Central Bank's PPI review.
