complaint to FSA or not

mandm65

I raised a complaint with my buildinbg society re my mortgage. I received standard letter saying it will take 28 days to investigate and respond. Move forward 28 days are gone no response, chased them for an answer, got another letter saying that investigation could not be completed within 28 days hence require more time. Move forward 28 days got another letter saying they need another 28 days to complete the investigation and no guarantee given that it will be concluded in the next 28 days.
In the last letter they offered me the option to report the matter to FSA. I am unsure if it’s a better option for to report the matter to FSA now or wait until I get a conclusion from them?
Your input would be appreciated greatly.

dashetlandexile

They have to give you the option of approaching the ombudsman if they haven't concluded their investigation in the timescales set by regulator. Waiting to hear their response doesn't stop you going to the FOS if you're still not satisfied.

It's entirely up to you if you have the patience to wait. Perhaps set a timescale that you're comfortable with and notify them that they've got until X and then you will submit to the ombudsman. Might give them an incentive to get it done? Then again....

dunstonh

In the last letter they offered me the option to report the matter to FSA.

I think you mean the FOS. The FSA no longer exist (replaced by FCA who do not handle consumer complaints).

I am unsure if it’s a better option for to report the matter to FSA now or wait until I get a conclusion from them?

Depends on the complexity of your complaint. Sometimes waiting a bit longer is the best thing as it can take much longer with the FOS and if the firm is going to suffer the FOS fee anyway, they may just be happy to let them rule whereas avoiding the FOS fee may lead to a goodwill payment.

mandm65

dunstonh wrote: »

I think you mean the FOS. The FSA no longer exist (replaced by FCA who do not handle consumer complaints).

Depends on the complexity of your complaint. Sometimes waiting a bit longer is the best thing as it can take much longer with the FOS and if the firm is going to suffer the FOS fee anyway, they may just be happy to let them rule whereas avoiding the FOS fee may lead to a goodwill payment.

Correct FOS, the good old thought does not disappear easily!
The feel applied by FOS hefty enough to warrant immediate response?

dunstonh

The feel applied by FOS hefty enough to warrant immediate response?

Time is largely dictated by the complexity of the complaint and how many people/places they have to get info from. The FOS fee wont be able to speed that up but if your complaint is not strong on evidence or more of a gripe then the FOS fee plays a part in the level of goodwill gesture they may offer.

Difficult to say more without you telling as a bit more about the complaint.

chanz4

If not in a rush let them complete, any gogw will be lower if you goto the fos now

mandm65

Update:
Just to let you know got their final conclusion and GWP of £30.
I am not happy that the matter that took them 8 month to resolve deserves GWP of £30. In the 8 month period there were large number to communications were exchanged. They admitted that they were at fault and the matter should been resolved when initiated and it should not have come this far.
Worth considering taking this to FOS?

Mortgage_Mark_2

mandm65 wrote: »

Update:
Just to let you know got their final conclusion and GWP of £30.
I am not happy that the matter that took them 8 month to resolve deserves GWP of £30. In the 8 month period there were large number to communications were exchanged. They admitted that they were at fault and the matter should been resolved when initiated and it should not have come this far.
Worth considering taking this to FOS?

They will probably have made the offer as a 'full and final settlement' meaning that going to the FOS now could be pointless if they can prove that you accepted this as resolution?

ACG

What are you wanting?

If your not out of pocket by anything and you just want money for inconvenience then going to the FOS is unlikely to get you hundreds of pounds. So you need to think whether taking it further to get an extra £20-30 is worth it or not.

mandm65

Mortgage_Mark wrote: »

They will probably have made the offer as a 'full and final settlement' meaning that going to the FOS now could be pointless if they can prove that you accepted this as resolution?

You are right they made the offer as a 'full and final settlement' but do we have the option to accept or reject?

mandm65

ACG wrote: »

What are you wanting?

If your not out of pocket by anything and you just want money for inconvenience then going to the FOS is unlikely to get you hundreds of pounds. So you need to think whether taking it further to get an extra £20-30 is worth it or not.

What i want and is not what i am going to get, a few millsion would be fine :rotfl:

Seriously if they accepted that they have messed me about for 8 months and offering £30, i found that quite insulting.
I would recommend that they train their staff better so they can guide the customer correctly, rather than fobbing them off, perhaps improve their process where necessary to ensure that other customer don’t go through what i went through.