HSBC Refusing to refund stolen £1100!

grumbler

However, this is absolutely irrelevant in the context of this thread.

colsten

grumbler wrote: »

However, this is absolutely irrelevant in the context of this thread.

So funny you didn't say this when badgers1975 first started talking about FOS charges in post 8. It's not as if any post escaped your attention.

Other than that, it is actually very relevant who pays for complaints to the FOS. And it isn't the banks.

Quentin

colsten wrote: »

Other than that, it is actually very relevant who pays for complaints to the FOS. And it isn't the banks.

It's totally irrelevant.


And hardly a "revelation"!


Who do you think pays for the Banks company cars/Christmas parties/travel expenses/toilet paper etc etc?

grumbler

colsten wrote: »

So funny you didn't say this when badgers1975 first started talking about FOS charges in post 8. It's not as if any post escaped your attention.

The fact that the bank pays the fee is relevant because it affects the chances of the bank settling the claim without FOS. E.g. if the claim is £500 and it costs bank £1000 in fees, it makes no sense for a bank to get the claim escalated to FOS by the customer.

Other than that, it is actually very relevant who pays for complaints to the FOS. And it isn't the banks.

No, in context of this thread it is absolutely irrelevant that ultimately it's all customers who foot the bill.

colsten

Quentin wrote: »

It's totally irrelevant.

grumbler wrote: »

No, in context of this thread it is absolutely irrelevant that ultimately it's all customers who foot the bill.

It is very relevant when you get people making statements like the one that triggered this discussion:

badgers1975 wrote: »

It's also worth knowing that it costs a financial institution £500+ to simply answer a case at the ombudsman irrespective of any outcome.

Apart from the fact badgers1975 is not actually totally correct, any FOS charge water of a duck's back for banks as they will simply recoup the costs from customers. This is clear to many people but not to all.

Quentin

colsten wrote: »

.....any FOS charge water of a duck's back for banks as they will simply recoup the costs from customers. This is clear to many people but not to all.

A Bank (or any other financial institution) faced with a FOS complaint has to consider the full cost of this, not just the £550 which is why you see many "goodwill gestures" being made to nip complaints in the bud.


This saves all the management time involved in dealing with corresponding with the FOS as well as saving the £550 fee.

grumbler

colsten wrote: »

Apart from the fact badgers1975 is not actually totally correct, any FOS charge water of a duck's back for banks as they will simply recoup the costs from customers. This is clear to many people but not to all.

It's like saying that any company can easily pay any charge/fee because they will recover it from their customers. So, even ignoring other costs, it would make no difference whatsoever for HSBC to pay 15,000x£550 or 150,000x£550.

I think for most people it's clear that in any business every decision whether to pay £550 or not is made on a case-by-case basis, and depends on the actual costs involved vs the amount in question.

JuicyJesus

Back on topic: OP. Did you enter any Secure Key codes into anywhere? For example, did you receive any emails asking for you to input a Secure Key code? And have you allowed anyone else to use your Internet banking?

smjxm09

As a last line of defense all the banks I use send either text messages or automated calls to either my registered mobile or home number where I have to enter one off passwords that they have sent me before the payment is set up.

Seem that your bank does not do this and anyone banking with them is at risk.

grumbler

smjxm09 wrote: »

As a last line of defense all the banks I use send either text messages or automated calls to either my registered mobile or home number where I have to enter one off passwords that they have sent me before the payment is set up.

It's an alternative to Pinsentry/tokens that the majority of banks use, not "a last line of defense". It's arguable which is more secure.
All the banks you use are rather minority than majority.