The Financial Ombudsman Service (FOS) is an independent body set up by the UK government to resolve disputes between financial institutions and their customers. It provides a free service to consumers who are unhappy with the way their financial provider has dealt with a complaint.
If you’re thinking about making a complaint about your bank, insurer or other financial company, it’s important to know your rights and what you can expect from the process. In this article, we’re going to take a closer look at Financial Ombudsman claims, how they work and what you need to know before making a claim.
What is the Financial Ombudsman Service?
The Financial Ombudsman Service is an independent body that was set up to help resolve disputes between consumers and financial institutions. Its role is to investigate complaints fairly and impartially, and to make decisions that are legally binding on the financial company. The service is free to use and available to anyone who is unhappy with the way a financial company has dealt with their complaint.
How does the Financial Ombudsman Service work?
If you’re unhappy with the way your financial provider has dealt with a complaint, you should first try to resolve the issue by contacting the company directly. If you’re still not satisfied, you can then refer your complaint to the Financial Ombudsman Service. The Financial Ombudsman Service will investigate your complaint and make a decision about whether the financial company has acted fairly and reasonably in its response.
The Financial Ombudsman Service is impartial and independent, and can consider a wide range of complaints involving financial products and services. This includes issues relating to insurance, banking, credit cards, loans, pensions, investments and more. The service can help you with complaints about mis-selling, unfair charges, poor advice, delays, mistakes and more.
How do I make a Financial Ombudsman claim?
To make a Financial Ombudsman claim, you first need to make a complaint to your financial provider and give them a chance to respond. If you’re still unhappy with their response, you can then refer your complaint to the Financial Ombudsman Service.
You can make a complaint to the Financial Ombudsman Service by phone, email or letter. You will need to provide some information about your complaint, including details of the financial product or service you’re complaining about, details of your initial complaint to the financial provider, and any additional evidence or correspondence you have.
The Financial Ombudsman Service aims to resolve complaints as quickly and efficiently as possible. In most cases, the service will try to resolve complaints informally, without the need for a formal investigation. However, if your case is more complex, or if a resolution cannot be reached informally, the Financial Ombudsman Service may need to carry out a formal investigation.
What are the outcomes of a Financial Ombudsman claim?
If the Financial Ombudsman Service upholds your complaint, it can make a legally binding decision on the financial company. This means that the company will be required to take action to put things right, such as paying compensation, cancelling charges, or correcting mistakes.
The Financial Ombudsman Service can also make recommendations to the financial company about how it should improve its customer service or change its practices. However, these recommendations are not legally binding and the financial company is not obliged to follow them.
If the Financial Ombudsman Service does not uphold your complaint, you have the right to challenge the decision. This may involve taking legal action or using an alternative dispute resolution service.
Conclusion
Making a Financial Ombudsman claim can be a useful way to resolve disputes with financial providers. The service is free to use, impartial and independent, and can help you to get a fair outcome in your complaint. To make a successful claim, it’s important to follow the correct procedure, provide all the necessary information, and present your case clearly and concisely. If you’re unsure about how to make a complaint, or if you need help with your claim, you may want to seek advice from a specialist legal or financial advisor.