Bank mess up

joinerj

I need advice in March 2008 we contacted RBOS to arrange an annuity using 3 pensions we have it was supposed to start in June 2008. They have messed up over and over again and admit they have made mistakes and said they will look to put things right. The problem has been made worse because of the problems which happened recently with the banks etc. now our money is not worth anywhere near what it would have been in June last year. They have set it up to start paying out in April2009 10 months late. What do you suggest we do and if they pay confirmation how will we know it is fair? Also if we accept any compensation can we still make a complaint to the Ombudsmen which is what we really want to do and how will this effect the complaint can any one help please I am getting very confused.

chesky369

Ask them if they are going to adjust the repayments to what the rate would have been when you requested it 10 months ago and ask them to 'show their workings out' so that you can see how they have arrived at the figure. Any complaint you then made to the ombudsman would take into account that the bank has made some kind of financial amends to you.

dunstonh

Also if we accept any compensation can we still make a complaint to the Ombudsmen which is what we really want to do and how will this effect the complaint can any one help please I am getting very confused.

If you accept the offer of redress from the bank then you cannot take the complaint to the FOS. Its either or.

Has it actually been set up yet? Using a bank for annuity purchase is not a very good way of doing it. Its expensive and your options will be limited.

You are also looking at just the fund value. The annuity rate has almost certainly dropped as well.