In the so-called good old days, a consumer who felt they had been treated unfairly by a financial institution such as a bank or building society, basically had to lump it.
But the fairly recent introduction of the Financial Services Authority (FSA), the Financial Ombudsman and a whole host of regulatory bodies, has meant that today's consumer has some clout.
The FSA was replaced for consumers by the Financial Conduct Authority (FCA) in early 2013.
The standard grumble about your bank, which often includes being charged for exceeding your overdraft limit or having to spend your entire lunch break in the branch queue, is one matter.
But being treated unfairly by a financial institution is another.
Typical examples of mistreatment might include unreasonable delay, neglect, inefficiency or discourtesy of staff, failure to follow policy or proper procedures, unfair discrimination, inconsistency, inaction, mistakes of the law or giving inaccurate information or advice.
Obviously, many of these problems are subjective - we all have different boiling points - but if you have reached yours, you might decide it's time make a complaint.
How to complain1. Your first port of call with any complaint in the financial services industry should always be the company itself. You should send your complaint in writing or alternatively make a complaint in person or over the phone.
Do remember though to keep a record of the date and time of the complaint as well as the name of the person you spoke to. You should then give the company a reasonable amount of time, typically 14 days, to respond.
2. When you are sure you have exhausted all avenues with the company, which includes a warning that you are about the take the complaint further, then you can go to the Financial Ombudsman. This handles all major banking, building society, insurance, pensions, mortgages and investment complaints.
The ombudsman will assess whether you have any grounds for a complaint and if you do, it will request an explanation from the company. If it finds in the complainant's favour, it will expect the organisation to provide a suitable remedy.
This could mean anything from putting right what went wrong and providing financial compensation, to a simple apology. The good news is though, that this assistance is both independent and free of charge.
3. The Ombudsman decision is usually final, but if you disagree with it then you can complain to the Ombudsman's independent assessor. Details of this can be found on the Ombudsman's website.
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You can go to your local Citizens Advice bureau for help and advice on solving legal and money related problems.
You can search for your nearest local bureau to get face to face advice.
www.citizensadvice.org.uk
The decisionBear in mind that with some ombudsman schemes the decision is legally binding but with others it is not.
Some schemes also impose financial limits so if your problem exceeds this, your only recourse may be to go through the courts. pkg_fe_dm_linklists.f_group_carousel(in_link_list_group_id=>810) -->
Useful contactsFinancial Ombudsmanwww.financial-ombudsman.org.uk0800 023 46670207 964 0500All major banking, building society, insurance, pensions, mortgages and investment Ombudsmen have now been pulled together under this umbrella which deals with all personal finance issues.
Financial Conduct Authority (FCA)www.fca.org.uk0800 111 67680207 066 1000The FCA is the one-stop-shop for consumer inquiries regarding most areas of personal finance and financial services, such as banking, investments, pensions and debts.
But unlike the Financial Ombudsman the FCA won't usually take up personal cases on behalf of the public.
The Financial Services Compensation Scheme (FSCS)www.fscs.org.uk0800 678 1100020 7741 4100 This scheme, which is funded by the high street banks, building societies and investment companies, covers insurance premium payments, deposits and investments when an authorised provider has gone out of business.
You should contact the FSCS if you think you have a case for compensation. You can find guidance and the rules of the scheme at the website.
The Property Ombudsman (TPO)www.tpos.co.uk01722 332 296This voluntary scheme is available through all estate agents in the UK. The Ombudsman can deal with most complaints from private individuals, which have not been dealt with in court.
Buyers or sellers, tenants or landlords of residential property in the UK - even potential ones - are covered for complaints arising within 12 months of the event where the estate agent involved is a member of the scheme.
With effect from 1 October 2008, all estate agents are required to register with an Estate Agents Redress Scheme that has been approved by the Office of Fair Trading (OFT) and which investigates complaints against estate agents. The TPO is one of the schemes approved by the OFT.
Since April 2007, agents and landlords must have placed all tenancy deposits with a deposit protection scheme, which acts as an independent arbiter in the case of a dispute between landlord and tenant.
The Pensions Regulatorwww.thepensionsregulator.gov.uk0845 600 0707 While the Financial Ombudsman deals with complaints regarding personal pensions, The Pensions Regulator (formerly known as the Occupational Pensions Regulatory Authority - or OPRA) deals with complaints arising from any occupational or company-run scheme (including stakeholder).
The Adjudicatorwww.adjudicatorsoffice.gov.uk0300 057 1111This body investigates complaints from businesses and individuals about how the Inland Revenue (including the Valuation Office Agency), Customs and Excise and the Contributions Agency of the Department of Social Security have handled their affairs.
The Adjudicator does not look at issues of law or of tax liability, because there are tribunals that resolve these problems. It looks into excessive delay, mistakes, discourtesy of staff, and the use of discretion.
Consumer Council for Water www.ccwater.org.uk0121 345 1000The Consumer Council for Water consists of a head office and ten local offices across England which ensure consumers’ complaints are being handled promptly and efficiently.