bank charges due to bank error complaint upheld but comp and interest below expected

Wolfsbane2k

Hi.
I'm wondering if I could get some guidance on a complaint that was upheld by NatWest today following a complaint I started in 2007 but recently raised to the FOS for charges I incurred due to the bank not actioning a letter.
NatWest have offered me all the charges back, which is about £300, and £100 compensation. I had asked for £500 compensation due to the stress etc and time in getting the issue n resolved.
I asked for interest to be added, so the offered my £7, which I laughed at.

Do you think it fair to ask for more compensation, and for the interest rate of 8% to be applied ( assuming this is calculated as compound interest), which would be about another £150.

Im not sure what the fos would recommend.
Thanks!

dunstonh

I had asked for £500 compensation due to the stress etc and time in getting the issue n resolved.

You may have asked for that but that is way higher than the typical award for inconvenience that the FOS give.

Do you think it fair to ask for more compensation, and for the interest rate of 8% to be applied ( assuming this is calculated as compound interest), which would be about another £150.

If you dont ask, you dont get. However, do not expect £500. However, a bit more than £100 given the timescale may be on the cards.

Nasqueron

Interest on compensation for refunds is normally SIMPLE not compound.

Can always ask for more but you need to demonstrate a loss or inconvenience not just ask for a generic sum above common levels

Wolfsbane2k

Thanks for the info. I didn't actually want £500, but went in high on the basis of negotiation, wanted £250, on the basis of expenses related to the account that I can't prove, but would naturally have happened:


1) Time to review my status and rights - this site, NatWest site, which, Citizens advice, phone calls - about 3 hours.
2) Time taken off work to visit bank & time at bank at original time of complaint- 1.5 hours
3) Time & resources holding on the phone - ~ 1.5 hours
4) Time taken to write and review letters - 4 letters, 1.5 hours each - 6 Hours,
5) Time to read, understand, and comprehend & review letters received - .5 hour x 3 = 1.5 hours
Wait 7 years..
6) Time to find paperwork and chase up complaint on phone - 1 hour
7) Time taken off work to book, travel and attend meeting with bank manager - 2 hours
8) Time taken to write FOS paperwork and send registered post - 2 hours
9) Time taken to discuss issue with FOS - .5 hours
10) Time taken on hold to bank following 2 missed, agreed, phone call times- .5 hours
11) Time taken to discuss issue on the phone with the bank - .5 hours


Totalling - 20 hours.
So given that I wanted £250, about £12 an hour seems fair, as I've not taken into account the cost of postage, phone calls etc. Then any "real" compensation of £50 to £100 on top would be helpful.

Wolfsbane2k

Following a discuss with a FOS advisor, they said that fees wouldn't normally be requested, however they would take it to an ombudsmanombudsman for confirmation. This is on the basis of 'reasonable costs' as per legal claims, which if NatWest had stood up and addressed the problem at the start, they could have been reasonable as they wouldn't have built up. FOS is due to call back tomorrow with a recommendation.