Who are the Financial Ombudsman Service?
If you have complained to a bank, lender, or other financial company and you are not happy with their response, you can take your complaint to the Financial Ombudsman Service (FOS). The FOS is a free, independent service that resolves disputes between consumers and financial firms, and its decisions are legally binding.
Making a complaint about a financial company
If you have had a problem with a bank, lender, insurance company, or any other financial firm and they have not put things right, it can be really frustrating. You do not have to accept their final answer. There is a free, independent service that can step in and help.
What is the Financial Ombudsman Service?
The Financial Ombudsman Service (FOS) is the UK body that settles disputes between consumers and financial companies. It is completely independent and free to use. Think of it as a fair alternative to going to court.
The FOS investigates complaints by looking at what is fair and reasonable in the circumstances. It takes into account relevant laws, rules set by the Financial Conduct Authority (FCA), and good industry practice at the time of the event.
What can the FOS look at?
The FOS can investigate complaints about a wide range of financial products and services, including:
- Bank accounts
- Credit cards
- Mortgages
- Pensions
- Investments
- Insurance
What power does the FOS have?
If you accept the ombudsman's final decision, it becomes legally binding on the financial firm. The firm must comply promptly.
The FOS can order a firm to provide appropriate redress. This may include financial compensation for losses you have suffered, inconvenience, or distress. The aim is to put you back in the position you would have been in if the error had not happened.
How to use the service
Before you can go to the FOS, you need to:
- Complain directly to the financial company first. Give them a chance to resolve the issue. They usually have up to 8 weeks to respond.
- Wait for their final response. If you are not satisfied with their answer (or they have not responded within 8 weeks), you can then escalate your complaint to the FOS.
- Submit your complaint to the FOS. You can do this through the Financial Ombudsman Service website. The service is entirely free.
Get help
If you are thinking about making a complaint, or you have already complained and are not sure what to do next, we can help you understand your options.
- Email us at info@youthlegal.org.uk
- Call us on 020 3195 1906
- Fill in our contact form and we will get back to you
All our advice is free and confidential.