The financial industry is a complex one, with numerous products and services available to consumers. Unfortunately, sometimes things don’t go as planned, and customers may find themselves in a situation where they need to make a complaint. This is where the Financial Ombudsman Service (FOS) comes in – a free, impartial service that can help customers and financial services providers to resolve disputes. In this article, we’ll explore the FOS complaint process and how it can help you.
What is the Financial Ombudsman Service?
The Financial Ombudsman Service is an independent organization that helps consumers and businesses to resolve disputes with financial service providers. It’s free to use and provides an impartial service to both parties.
The FOS can help with a range of financial disputes, including banking, credit, insurance, investments, and pensions. They can help with complaints about specific products or services, as well as complaints about the behavior of the financial service provider.
How does the FOS complaint process work?
Before making a complaint to the FOS, it’s important to try and resolve the issue with the financial service provider directly. Most providers have a complaints procedure in place, and it’s best to follow this first.
If you’re still not happy with the outcome, you can then make a complaint to the FOS. You can do this by phone, email, or post. You’ll need to provide details of your complaint, including any correspondence you’ve had with the financial service provider.
Once the FOS receives your complaint, they’ll assess whether they can help. They’ll look at things like whether you’ve followed the correct complaints procedure, whether your complaint is within their jurisdiction, and whether it’s been made within the time limits.
If the FOS can help, they’ll work with both parties to try and reach a resolution. This could involve mediation, where both parties meet to discuss the issue, or the FOS may make a decision based on the evidence provided.
If a decision is made, both parties will be informed of the outcome. If the FOS decides in favor of the consumer, the financial service provider will be required to take action to resolve the issue.
What are the time limits for making a complaint to the FOS?
You have six years from the date of the event you’re complaining about, or three years from the date you became aware of the issue, to make a complaint to the FOS. There are some exceptions to this, for example, if you’re complaining about a pension, you have three years from the date you were made aware of the issue to make a complaint.
It’s important to make a complaint to the FOS as soon as possible, as they may not be able to consider your complaint if too much time has passed.
What types of complaints can the FOS help with?
The FOS can help with a wide range of financial disputes, including:
- Payment protection insurance (PPI) mis-selling
- Unfair bank charges
- Insurance disputes
- Investment mis-selling
- Pension disputes
- Banking disputes
They can also help with complaints about the conduct of a financial service provider, such as if you feel you’ve been treated unfairly or if you’ve experienced poor customer service.
What happens if I’m not happy with the FOS decision?
If you’re not happy with the decision made by the FOS, you have the option to appeal. You can appeal to the FOS’s appeals team, who will review the decision made and consider any new evidence. If you’re still not happy, you can take the matter to court.