If you’re dissatisfied with the service you’ve received from your bank, financial adviser, or any other financial institution, don’t put up with it. First, speak with them and explain the situation. They might be able to help you right away. If talking things out doesn’t work, you may always file a formal complaint. If it’s denied, you can appeal to the Financial Ombudsman Service. We take a look at how to make a financial complaint.
How To Make A Financial Complaint – Where To Begin
Often, simply speaking with the company will resolve a concern fast. Explain your dissatisfaction and what you’d like them to do to make things right. Make a formal written complaint if they can’t provide you a plausible explanation. you need them to tell you clearly why what’s wrong happened. And do not accept their explanation if they don’t try to remedy it.
Make It Official – Formal Complaint
When you have a problem, all financial firms should have a proper complaints procedure that you can follow.
It advises you who to call or write, when to expect a response, and what to do if you’re not happy with the response.
You may be able to find their complaints system on their website, but if you can’t, ask for it.
If the complaints procedure requires you to do something you’ve already done, such as visit your bank, make sure the person you dealt with understands that your complaint must be handled professionally.
Rather of conversing on the phone, try to write everything down.
Within eight weeks, you may receive a final decision detailing how the company will address the issue.
Secure An Impartial Decision
If you think the firm’s response is unreasonable, do not give up. This is also true or if you don’t hear from them within eight weeks after filing a formal complaint,. You have the right to pursue your issue further.
The Financial Ombudsman Service has a time limit for filing a complaint. You must file a complaint within six months after the firm’s final response. Or alternatively, within six years of the occurrence you’re complaining about. Or within three years of the time you might reasonably have recognised you had cause to complain (if it’s more than six years).
How To Make A Financial Complaint – Compensation If A Company Goes Under
If you’ve lost money due to the failure of a UK bank or financial organisation, you may be eligible for compensation through the Financial Services Compensation Scheme.
The service is independent and free to use, but the amount of compensation you can claim is limited. It can assist private persons, small businesses, and all policyholders of mandatory insurance plans.
Only firms regulated by the Prudential Regulation Authority and the Financial Conduct Authority are affected (covers most financial firms).
