CYTT News
[11/03/2011] How you can complain about financial services
No matter what you do for a living, you are certain to enlist the services of various financial institutions and if you are unhappy with these services, you have the full right to have your side of the story heard and issue a complaint. However, it is always advisable to approach the financial institution first instead of complaining to the Financial Ombudsman Service or other authority body. More often than not, problems are caused by simple misunderstanding and could be resolved by the two parties quickly and hassle-free.
When making a complaint to a business, you need to follow a few simple rules in order to have your issue looked into right away and increase your chances of having it resolved in your favor:
- When it comes to our finances, we tend to become easily frustrated and this is understandable, but when making a complaint, it is always in your best interest to stay calm, avoid using insults, and be composed, so you can explain the problem clearly
- Before making a call, have a clear idea of what you want to say and of how you wish the problem to be resolved
- You can complain in writing or over the phone, but if you choose the latter method, write down the name of the person that you speak to and the time of your call
- If the problem is not resolved in a timely manner or you are not satisfied with the reaction of the financial service institution, you could take your complaint to the Financial Ombudsman Service
The Financial Ombudsman Service has been contacted by more than one million UK consumers in 2009 and covers almost all financial businesses. You have the full right to bring your complaint to the ombudsman and if the issue does not fall into the competency of the Financial Ombudsman Service, they will refer you to another government body, which should be able to help. Forwarding your complaint to the ombudsman happens after you, the consumer, fill out a complaint form and submit it. There is even a toll-free number, which you can call if you have any difficulties with filling in that form, and the same form could be downloaded online as well.
The maximum amount that the ombudsman can reward is £100,000 and the main advantage of using the Financial Ombudsman Service instead of the courts, is that you are likely to have the problem resolved quickly and efficiently. However, if the ombudsman decides that the financial institution has treated you fairly and the issue is not resolved in your favor, you could still take it to the courts. The courts are also suitable for cases, where amounts larger than £100,000 are involved, and the courts give you the advantage of allowing you to inspect personally all the documentation, related to the case.
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