How to complain about financial services Who to complain to
The world of financial services is complicated at the best of times, but when you have a complaint, who do you go to? Do you know your FOS from your FSA?
I'm not happy with the interest I'm earning on my savings
There's not a great deal you can do in relation to issuing a complaint. The Bank of England (BOE) is the central bank who set interest rates. However, your savings provider might not be offering you the best deal so it’s worth investigating whether you could benefit from switching accounts.
I've got a problem with my bank
If you have an unresolved issue with your bank, you can issue a complaint directly to them. Financial providers must deal with complaints within eight weeks. Make sure that your email or letter is clearly headed with 'Complaint', is succinct and includes the names of people you've spoken to as well as the dates on which you talked to them. Remember to detail how you would like the matter to be resolved.
I'm not satisfied with the response to my complaint
If your bank has taken longer than eight weeks to respond, or you're not happy with their response, you can take your complaint to the Financial Ombudsman Service (FOS).
I've got a complaint about my pension scheme
Again, it's best to take your pension complaint to your pension provider in the first instance. If they can't help, you can escalate the issue to the Pensions Ombudsman (PO).
Who regulates the people who sell me financial products?
The company you buy from will be regulated by the Financial Services Authority (FSA) – the UK's financial regulator. If a company that is regulated by the FSA goes bust, or can't pay your claim, you are protected by the Financial Services Compensation Scheme (FSCS) if you have suffered financial loss.
The coalition government decided in June 2010 to divide the responsibilities of the FSA into three new bodies. So from 2012 financial regulation will be covered by the:
- Financial Conduct Authority (FCA) - operating as a consumer champion;
- Prudential Regulatory Authority;
- Financial Policy Committee.
Who regulates my Independent Financial Adviser?
Independent financial advisers (IFAs), like the banks and companies that sell you financial products, are regulated by the FSA. In order to register with the FSA financial advisers need to have a Certificate of Financial Planning (Cert FP). There are many other financial advice qualifications, but the CERT FP is the only one they are required to have.
If you need to complain about your IFA, direct your complaint to them first. If they can't or won't resolve your issue within eight weeks, contact the FOS.
It's all so confusing. Who can help me beef up my knowledge on financial issues?
You can always rely on us to give you independent money advice and guidance. We run regular live web chats to help answer your consumer queries.
The Consumer Financial Education Body (CFEB) is the organisation formally responsible for helping people make informed decisions about money. It was set up the FSA, so there’s no selling and it's jargon-free.
