What powers does the Ombudsman have?
Ombudsmen are independent, impartial and provide a free service.
They investigate complaints that haven’t been solved by the organisation complained against.
Ombudsmen investigate complaints when something has been handled badly or unfairly, making someone suffer as a result.
This is sometimes called maladministration..
How long does the FOS have to respond to a complaint?
For most complaints about payment services, you have 15 days to resolve the complaint. In exceptional circumstances, you have up to 35 days, but you’ll still need to respond within 15 days to tell the customer when you’ll reply fully. You have up to 8 weeks to resolve all other complaints.
How much can the Financial Ombudsman Award?
The maximum amount FOS can award for non-financial loss is $3,000 per claim. FOS may decide a non-financial remedy, such as a letter of apology, is appropriate.
How quickly must a customer complaint be acknowledged FCA?
A firm must send a written acknowledgement of a complaint to the complainant within five business days of its receipt, giving the name or job title of the individual handling the complaint for the firm (together with details of the firm’s internal complaint handling procedures).
What type of complaint can FOS consider?
The Financial Ombudsman Service, also known as the FOS, handles complaints about most bank accounts, investment products, mortgages, loans, some pension products, PPI claims, insurance policies, credit and store cards, HP agreements and financial advice.