The Financial Ombudsmen

The Financial Ombudsmen



The Financial Ombudsmen
You may have heard of​ Ombudsmen’s before whereby an​ independent body resolves complaint and disputes .​
These have been around for many years.
The Financial Ombudsmen Scheme 2000 provides a​ service in​ which ‘certain disputes may be resolved quickly and with the minimum of​ formality by an​ independent person’ .​
The FSOS aims not to​ punish firms for doing wrong but to​ put customers back in​ the position they would have been should situations not have gone wrong.
As from December 2018 the Financial Ombudsmen has taken over the following;
o The Personal Investment Authority Ombudsmen Bureau
o The Insurance Ombudsmen Bureau
o The Personal Insurance Arbitration Service
o The Office of​ the Banking Ombudsmen
o The Office of​ the Building Societies Ombudsmen
o The office of​ the Investment Ombudsmen
o The Financial Services Authority Complaints Unit
o The SFA Complaints Bureau
The above are now formed into one unit as​ the Financial Services Authority recognized that having such a​ fragmented structure of​ Ombudsmen’s operating in​ different ways was not providing an​ efficient service across the board and was lacking a​ consistent approach to​ dealing with issues .​
Therefore the Ombudsmen to​ deal with all of​ the above now operate as​ one single Unit .​
It does however recognize the need for some flexibility when dealing with different types of​ problems arising from the different areas of​ Financial Services and so has established three different divisions within the service;
o The banking and Loans Division
o Investment Division
o Insurance Division
What can the Financial Ombudsmen offer me as​ a​ Financial Services Customer?
A completely free service! The organization is​ funded by firms who are a​ member .​
Membership is​ compulsory for all firms authorized under the FSMA 2000.
Customers should make a​ complaint to​ the firm concerned first and be dealt with by the firms internal complaint procedure .​
Once this route has been exhausted and if​ you as​ a​ customer still feel unsatisfied you are applicable to​ refer your complaint to​ the Financial Services Ombudsmen Service .​
Complaint must be made to​ the FSOS within 6 months of​ the ‘deadlock letter’ .​
This is​ the letter from the firm stating that they have made their final decision in​ the case of​ the complaint.
The FSOS will consult between both the firm and customer involved and suggest a​ way of​ resolution .​
If both parties do not come to​ an​ agreement then a​ formal investigation will commence.
The FSOS can make awards of​ up to​ £100,000!




You Might Also Like:




No comments:

Powered by Blogger.