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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I retired in 2001,deposited over £100,000 with Llyods/tsb,persistant

Resolved Question:

I retired in 2001,deposited over £100,000 with Llyods/tsb,persistant pressure from the bank persuaded me to invest over £100,000 in a safe/low risk portfolio.Within 12 months they had lost approx 30,000.I phoned to complain(which they recorded,but subsequently said I had not wished to complain) perhaps they thought I was calling to congratulate them on losing 30G.They did nothing and I told them I was going to move my portfolio if they did not respond,they did not,so i moved it. Despite many complaints over the years I got no response. In 2012 I was advised to contact the financial ombudsman,over the last three years this has been back and forth,the ombudsman has said that I should have complained earlier or should have known how to complain,even though noone at the bank had told me how to,and it was now out of time.Can I sue the bank?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

For now please when did the final amount they lost take place?

Customer:

In 2012

Alex Watts :

Then yes you can bring a claim. You have 6 years from the date of breach under the Limitation Act 1980

Alex Watts :

You can issue proceedings by going to: www.moneyclaim.gov.uk

Customer:

sorry I meant 2002

Alex Watts :

Oh I see.

Alex Watts :

If its 2002 then it is out of time.

Alex Watts :

You have 6 years from the date of breach to bring an action

Alex Watts :

This means you needed to do it by 2008

Alex Watts :

As its now 2015 sadly you are 7 years out of time

Alex Watts :

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Even though I had complained to the bank in 2002 about performance,lack of communication,etc of which they have acknowledged but dispute that it was a complaint.

Alex Watts :

Yes sadly. The clock starts ticking from date of breach.

Alex Watts :

I am sorry.

Alex Watts :

The Limitation Act is quite strict. If you had been a day or two out a Court may be sympathetic but sadly you are 7 years too late.

Alex Watts :

I am very very sorry indeed.

Alex Watts :

If you had been in a coma or something the Court may have given some grace.

Alex Watts :

But extensions to the Limitation Act are few and far betweeb

Alex Watts :

* between *

Alex Watts :

Can I clarify anything else for you?

Customer:

It appears that because I did not Know the law and the bank was not forth coming about how I should complain,I am the one to stand the loss for the incompetent actions by the bank. Although not in a coma I retied on health grounds due to a genetic illness that has now led to cancer.

Alex Watts :

Indeed. I am very sorry. Just because you retired sadly that is not enough

Alex Watts :

I know its bad news and I really feel for you. It really is not the answer I want to give you, but I have to be truthful

Customer:

Many thanks

Ash and other Law Specialists are ready to help you