Fresh chance to lodge bank complaints

Banks and other financial institutions who mishandle customers’ money will have fewer places to hide after the easing of restrictions barring complaints deemed out of time.

Several thousand customers whose complaints were already rejected for being out of date now also have a second chance at redress following the change.

Some 3,000 people who complained to the Financial Services Ombudsman since 2011 fell foul of law stating they had to make their complaint within six years of a breach — even if they were unaware at the time that their finances were mishandled.