If you are unhappy with the financial service you have received, you can make a complaint to the Financial Ombudsman Service (FOS) in the UK. The FOS is an independent body set up by law to resolve disputes between financial services providers and their customers. In this article, we will look at what the FOS is, how to make a complaint, and what you can expect from the process.
What is the Financial Ombudsman Service (FOS)?
The FOS is an independent body that has been set up to help resolve disputes between financial services providers and their customers. It was established by the Financial Services and Markets Act 2000, and its role is to provide a free, fair, and impartial service to consumers who are not happy with the financial services they have received.
The FOS can investigate and resolve complaints about a wide range of financial services, including banking, insurance, mortgages, pensions, and investments. It has the power to award compensation to customers who have been treated unfairly by financial services providers.
How to Make a Complaint to the FOS
If you have a complaint about a financial service you have received, you should first try to resolve it with the provider directly. This is usually done by contacting their customer service department or complaints team.
If you are not happy with the provider’s response or if they do not respond within a reasonable timeframe, you can escalate your complaint to the FOS. The FOS will require that you have given the provider a reasonable opportunity to resolve the complaint before it can be investigated.
To make a complaint to the FOS, you can either complete an online form or contact them by phone, email, or post. The FOS will ask for details of your complaint and any relevant documentation, such as copies of correspondence with the provider.
What Happens After You Make a Complaint?
Once the FOS receives your complaint, it will assess whether it can investigate the matter. If the FOS is unable to investigate the complaint, it will explain why and provide advice on what you can do next.
If the FOS can investigate the complaint, it will contact the financial services provider to request their response. The provider will be asked to provide any relevant documentation and information to the FOS.
The FOS will then review the evidence and make a decision based on what it considers to be fair and reasonable in the circumstances. If the FOS finds that the provider has acted unfairly or wrongly, it can require them to take action to put things right.
What Can You Expect from the FOS Process?
The FOS process is designed to be fair, transparent, and accessible. The FOS aims to resolve complaints as quickly and efficiently as possible, while also ensuring that both the consumer and the financial services provider have the opportunity to present their case.
The FOS will keep you updated throughout the process, and you can contact them at any time if you have any questions or concerns.
It’s worth noting that the FOS process can take some time, and it may take several months for a decision to be reached. However, the FOS will always try to resolve complaints as quickly as possible, and it will keep you informed of progress throughout the process.
What Can You Expect from a FOS Decision?
If the FOS finds in your favour, it can require the financial services provider to take action to put things right. This might include:
- Providing you with compensation
- Refunding fees or charges
- Changing their practices or procedures
- Providing you with an apology
- If the FOS finds in favour of the financial services provider, it will explain its reasoning and provide you with advice on what you can do next.