How to complain about financial services Starting a financial complaint
Write a formal letter of complaint to your financial service before contacting FOS Discuss the problem
Give your provider the opportunity to put the matter right before lodging a complaint. Make a note of who you speak to and what’s said.
Many providers will automatically dismiss your problem, but don’t be put off. Insist that it is reassessed.
Greater awareness of your rights can also help to get complaints resolved before they escalate.
For instance, if you have a dispute regarding a credit card purchase between £100 and £30,000, you may be covered under Section 75 of the Consumer Credit Act. In this case, you can complain to your credit card provider rather than the retailer.
A similar process exists for Visa debit and credit card disputes. This is not covered by any act of law, meaning it's best to use the Consumer Credit Act if your dispute is for a sum between £100 and £30,000. However, the Visa Chargeback process is useful if you want to lodge a claim for amounts outside of this range.
If you have a dispute with your bank about current accounts, savings accounts - including Isas, debit or credit card fraud, payment services, loans and overdrafts - you may be covered by the Banking Code. This voluntary code of practice was set up by the Banking Code Standards Board to encourage good practice for financial providers.
In all disputes, it is worth quoting any relevant clause, act or process when speaking to your provider.
Spell out your complaint
If the response isn’t satisfactory, put in a formal complaint. Financial providers must deal with any complaints within eight weeks, so make sure that your position is clear by heading an email or letter ‘Complaint’.
The letter should be succinct but include essential information: dates and names of people spoken to – and say how you would like the matter to be resolved.
Take your grievance further
If the provider hasn’t resolved your complaint within eight weeks, or has rejected it, you can take it to the Financial Ombudsman Service (FOS).
