If you received negligent or inappropriate advice from a financial adviser after 1 January 2008 and first suffered a loss more than 6 years ago, you have until 30 June 2020 to try to recover your loss. After this date, AFCA (the Australian Financial Complaints Authority) will no longer accept what are known as “legacy complaints”.
Shine Lawyers has acted for many clients who have suffered loss from bad financial advice who deserved to be compensated. Read on to find out what legacy complaints are, how victims of poor financial advice are impacted, and the legal avenues that are available to you.
What are legacy complaints?
Victims of negligent financial advice usually have six years to lodge their complaint or claim from the date they first suffered a loss; once this time limitation expires, the claim can no longer be pursued.
However, in light of the findings of the Banking Royal Commission, since 1 July 2019, AFCA has been accepting what are known as “legacy complaints”. Legacy complaints are claims lodged with AFCA for negligent financial conduct going back as far as 1 January 2008 that would normally be out of time.
Victims of bad financial advice who would normally be outside the six year time limitation period, now have the opportunity to submit their claim and seek legal and financial remedy.
What are my options if I received poor financial advice as far back as 2008?
Victims of bad financial advice received on or after 1 January 2008 now have a small window of opportunity to pursue a legacy complaint.
If you think you have grounds for compensation as a result of bad financial advice, get in touch with us well before the 30 June 2020 deadline to discuss your situation.
Shine Lawyers have helped hundreds of deserving Australians to access the bad financial advice compensation they are entitled to as a result of negligence. Our team of expert Professional Negligence Lawyers can support you in lodging your legacy complaint, ensuring you don’t lose the opportunity to pursue your claim.
Written by Shine Lawyers. Last modified: April 29, 2020.