Time Limits for Professional Negligence Claims
If you believe you have may have a claim for professional negligence against a financial adviser or other financial professional, solicitor, architect or accountant, it is important that you investigate this as soon as possible.
The time limits for making claims is set out in the Limitation Act 1980 and, for negligence, allows a period of 6 years from the date that you ‘suffered damage’ as a result of the actions or omission of the professional. This is not always straightforward and ‘damage’ may not have been suffered when you think it has. That is why it is important for to get legal advice as soon as possible.
It may be possible, in cases when you have only realised that you have suffered damage after the 6 years has elapsed, to extend the time limit by 3 years from the date you realised the damage. This is known as your ‘date of knowledge’. It is very dangerous to rely on this extended 3 years as your date of knowledge will be treated objectively by the court. Simply put, it can be when you had enough information or knowledge to start an investigation. This may seem straightforward, but when a court will think you should have realised something is wrong is likely to be earlier than you think.
Essentially, don’t delay. If you think that something is or might be wrong with some advice you received, speak to us as soon as you can.