Time Limits For Making A Claim Against Your Financial Planner
What are the time limits that you need to be aware of when making a claim against your financial planner? We look at the time rules regarding financial negligence claims in Australia.
What Is A Financial Planning Compensation Claim?
Claiming against you financial planner in Australia
Have you been a victim of financial negligence? Sometimes it can take a while to realize that you have been the victim of financial negligence or you may not realize that you are able to make a claim. If you think you have a claim, there are some time limits around making a claim you should be aware of. Even if you think you don’t meet the time requirements you should still speak to a lawyer about potential compensation. When financial negligence has occurred people will often attempt to rectify the situation by taking out loans or by investing further. Without realizing they have been victimized they will attempt to fix their financial position. However, by simply knowing what to look for in financial negligence you can claim back all lost earnings. View our guide to spotting financial negligence here. It is important that if you think you have been the victim of financial negligence that you talk to a solicitor as soon as possible.
What Are The Time Limits For Making A Financial Negligence Claim?
Find out if you are within the time limits to make a claim
In order to make a financial negligence claim, the general rule is that you must launch the claim within six years. This means you have six years to make a claim from when you first spoke to your adviser or from when you suffered a financial loss. Once the six-year period has lapsed, claims become much harder to lodge and are rarely accepted. It is important that if you have suffered financial negligence that you seek advice as soon as possible as it a lot easier to claim the earlier you claim. A lawyer will be able to help you through the claiming process, giving you advice and knowledge that only an expert lawyer would know.
Can The Time Limits Of A Financial Negligence Claim Be Extended?
You may still be able to claim outside of the usual time limits
If you have not lodged the claim within the six-year period allocated, there is a possibility of an extension being granted by the courts. This requires special circumstances which can be hard to meet but are sometimes granted if the court sees fit. The main things the court considers when deciding whether an extension will be granted are; the length of time before bringing forward a claim; the reason for the delay in making the claim; and the extent of the financial loss suffered due to the negligent action. It is completely up to the courts whether the extension will be granted which is why you should launch your claim sooner rather than later. You should never rely on an extension being obtained as they are rarely given, only serious circumstances are acceptable. Make sure you are within the time frame and eligible to make a claim, talk to a lawyer today and get your claim underway.
Alternatives To Making A Financial Negligence Claim
What are the alternative to suing your financial adviser?
If you have a claim worth less than $150,000 then it is possible to resolve your dispute via the Financial Ombudsman Service (FOS). With larger claims however it is often necessary to proceed with a financial negligence claim. Speak to a lawyer about calculations for your compensation which can be hard to assess and often require expert examination by a lawyer, who can determine the appropriate action to take. Talk to one of our no win no fee lawyers today about making a claim against your financial adviser.
Know Your Rights In Financial Negligence Claims
Make sure you understand the process by talking to a lawyer today
Make sure you know your rights in a financial negligence claim. Apart from the time limits there can be other traps along the way to making a claim including the various paperwork and forms. This is where having a lawyer help you though is invaluable. They will make sure you are ready for all deadlines, fill out forms correctly and have all the information you need gathered for your case. Compensation claims can take time to complete, which can lead to large bills with the wrong lawyer. Our recommended lawyers work on a no win, no fee basis meaning you don’t have to worry about large fees if your case doesn’t win. So call (02) 9011 7929 today and get in contact with one of our lawyers.
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