If you experience a problem with a provider of financial services, the first place to turn is the provider itself. All regulated financial services firms are required to have complaints handling procedures in place. These are designed to ensure any expression of dissatisfaction you have is dealt with promptly and fairly. However, if you’re not satisfied with the outcome of your complaint, you can refer it to the Financial Ombudsman Service. This is an impartial body established by parliament and funded by the financial services industry, there to sort out complaints between financial services businesses and their customers.
Changes proposed for the Financial Ombudsman Service
This 679 word blog post examines changes proposed by the FCA to give access for Financial Ombudsman Service redress to more SMEs, as well as proposals to increase the maximum FOS compensation limit from £150,000 to £350,000. Written on 16th October 2018.