Costs of complaining to Ombudsman?

opinions4u

Mishomeister wrote: »

Which in it's turn means if I ask for £300 compensation it will be cheaper for them to pay me than it's going to Ombudsman

It does.

But sometimes they would rather let the customer go to the FOS than pay £300 if they consider £300 to be excessive. The FOS have been known to order a payment below that offered by the bank.

It can be cost effective as those who threaten them with the FOS don't always get round to escalating the complaint and end up with nothing.

RuthnJasper

Apologies for misunderstanding the question - I thought the OP meant how much does an INDIVIDUAL have to pay for appealing to the Ombudsman - these charges are for businesses...

In case any reader stumbles across this thread and thinks (as I did) that there is a charge to them personally for appealing to the FOS -- From the link:

Why don’t consumers have to pay for taking a case to
the ombudsman?

The legislation that gives the Financial Ombudsman Service its powers – the Financial Services and Markets Act 2000 and the Consumer Credit Act 2006 – does not contain any power to charge consumers for using our service. Parliament decided that the ombudsman should be funded by the businesses that we cover and that these businesses – not consumers – should meet the costs of resolving disputes.

McKneff

I went through this.

Ombudsman charged Phoenix £500 plus VAT. becuase they had miscalculated my pension.

I was only due £183.00 in compensation which I would have been quite happy to accept. Bno, Phoenix didnt want that, In the end phoenix had to pay £500 to the ombudsman plus £183 to me. So dont hold your breath that they will think the same way as you.

Mishomeister

McKneff wrote: »

I went through this.

Ombudsman charged Phoenix £500 plus VAT. becuase they had miscalculated my pension.

I was only due £183.00 in compensation which I would have been quite happy to accept. Bno, Phoenix didnt want that, In the end phoenix had to pay £500 to the ombudsman plus £183 to me. So dont hold your breath that they will think the same way as you.

I don't however as they were making a profit of my money during 41 day when it should've already been transferred(ISA) to Santander even if Ombudsman tells them to pay a really small compensation which is well below what they have made of my money by lending it to other people at the rates as high as 29.9%APR, paying the fee to Ombudsman would bring them to a financial loss on this one rather than proffiting form their own mistake

JuicyJesus

Mishomeister wrote: »

I don't however as they were making a profit of my money during 41 day when it should've already been transferred(ISA) to Santander even if Ombudsman tells them to pay a really small compensation which is well below what they have made of my money by lending it to other people at the rates as high as 29.9%APR, paying the fee to Ombudsman would bring them to a financial loss on this one rather than proffiting form their own mistake

As I posted on your other thread on this topic, you're being childish and spiteful. Pretty much the definition of a vexatious complaint. Which, incidentally, the FOS is able to reject out of hand and not charge a fee for.

coldhandoff

The FOS will charge the Bank even if they reject the complaint. It sounds like that's what he wants.

Mishomeister

coldhandoff wrote: »

The FOS will charge the Bank even if they reject the complaint. It sounds like that's what he wants.

Not really.
I want a decent compensation(at least £100). If I don't get this I won't them to learn the lesson in a hard way as if I leave it as it is and just get a tenner of them it is something that will encourage them even more in the future to delay ISA transfers and make money of it

JuicyJesus

coldhandoff wrote: »

The FOS will charge the Bank even if they reject the complaint. It sounds like that's what he wants.

Like I said above, they could also decide it was vexatious (which it is) and refuse to deal with it. Therefore no fee.

YorkshireBoy

The £500 case fee is only charged if the complaint cannot be dealt with by the FOS frontline staff and has to be allocated to an adjudicator.

Fewer than one in 6 cases are passed to a FOS adjudicator...and Halifax will know that, so don't hold your breath for 'out of line' compo!

Not sure if it's already been posted, but the FOS have also been known to make a lesser award than offered by the financial institution. So sometimes it's best to get what you can while you can.

Mishomeister

YorkshireBoy wrote: »

The £500 case fee is only charged if the complaint cannot be dealt with by the FOS frontline staff and has to be allocated to an adjudicator.

Fewer than one in 6 cases are passed to a FOS adjudicator...and Halifax will know that, so don't hold your breath for 'out of line' compo!

Not sure if it's already been posted, but the FOS have also been known to make a lesser award than offered by the financial institution. So sometimes it's best to get what you can while you can.

Well obviously if they offer a reasonable amount I'll grab it. But not if it is £20