How to complain about financial services

By THIS IS MONEY

In the so-called good old days, a consumer who felt they had been treated unfairly by a financial institution such as a bank or building society, basically had to lump it.
But the fairly recent introduction of the Financial Services Authority (FSA), the Financial Ombudsman and a whole host of regulatory bodies, has meant that today's consumer has some clout.
The standard grumble about your bank, which often includes being charged for exceeding your overdraft limit or having to spend your entire lunch break in the branch queue, is one matter.
But being treated unfairly by a financial institution is another.
Typical examples of mistreatment might include unreasonable delay, neglect, inefficiency or discourtesy of staff, failure to follow policy or proper procedures, unfair discrimination, inconsistency, inaction, mistakes of the law or giving inaccurate information or advice.
Obviously, many of these problems are subjective - we all have different boiling points - but if you have reached yours, you might decide it's time make a complaint.

How to complain

1. Your first port of call with any complaint in the financial services industry should always be the company itself. You should send your complaint in writing or alternatively make a complaint in person or over the phone.
Do remember though to keep a record of the date and time of the complaint as well as the name of the person you spoke to. You should then give the company a reasonable amount of time, typically 14 days, to respond.

2. When you are sure you have exhausted all avenues with the company, which includes a warning that you are about the take the complaint further, then you can go to the Financial Ombudsman. This handles all major banking, building society, insurance, pensions, mortgages and investment complaints.
The ombudsman will access whether you have any grounds for a complaint and if it does will request an explanation from the company. If it finds in the complainant's favour, it will expect the organisation to provide a suitable remedy.
This could mean anything from putting right what went wrong and providing financial compensation, to a simple apology. The good news though that this assistance is both independent and free of charge.

3. The Ombudsman decision is usually final, but if you disagree with it then you can complain to the Ombudsman's indepedent assessor. Details of this can be found on the Ombudsman's website.


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