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Financial ombudsman...who regulates them?

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Financial ombudsman...who regulates them?

edited 30 November -1 at 12:00AM in Reclaim PPI & Other Insurance
73 replies 15.8K views
Catpuss66Catpuss66
48 posts
Forumite
edited 30 November -1 at 12:00AM in Reclaim PPI & Other Insurance
Ok cut a long story short, tried to reclaim packaged bank account unsuccessful,( after seeing it on the site) but the process of using the financial ombudsman service, they were rude , called me a liar, very stressful. Made complaint x2 about the service which they agreed that their service was well below the standard they expected and offered me a bunch of flowers or money which I politely declined. Who regulates this service who are they answerable too or is it just self regulation (which means they can do what they want) would Martin get involved ? Any thoughts? anybody had similar experiences?
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Replies

  • edited 16 July 2015 at 7:04AM
    NearlyoldNearlyold
    1.4K posts
    Forumite
    edited 16 July 2015 at 7:04AM
    From the FOS Website


    If you’re still unhappy after the senior manager has looked into your concerns, you can contact the independent assessor, Ms Amerdeep Somal.
    The independent assessor has her own website which explains her role in more detail: www.independent-assessor.org.uk
    You can email the independent assessor at: [EMAIL="independent.assessor@financial-ombudsman.org.uk"][email protected][/EMAIL] or write to:
    The Independent Assessor
    PO Box 35738
    London
    E14 9YU


    This is the next port of call with your complaint. Any Regulator is not really going to be interested in one persons grievance over perceived rudeness out of the tens of thousands of cases FOS process as these can easily be dealt with internally by FOS

  • dunstonhdunstonh
    99.8K posts
    Forumite ✭✭✭✭✭✭
    Financial ombudsman...who regulates them?

    Nobody regulates them but ultimately, the independent assessor mentioned above can be contacted.
    but the process of using the financial ombudsman service, they were rude , called me a liar, very stressful.

    The FOS are well known to be very liberal and even when its obvious someone is telling lies in a complaint, they go out of their way to use language that avoids saying as much. So, your story is very unusual.
    Made complaint x2 about the service which they agreed that their service was well below the standard they expected and offered me a bunch of flowers or money which I politely declined.

    What exactly are you after? They have apologised and made an offer you have declined. So, this would indicate you are after something specific.
    Who regulates this service who are they answerable too or is it just self regulation (which means they can do what they want) would Martin get involved ?

    Why would Martin want to get involved? You are unhappy, they apologised. End of story. He has more important things to look.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 16 July 2015 at 11:37AM
    Catpuss66Catpuss66
    48 posts
    Forumite
    edited 16 July 2015 at 11:37AM
    dunstonh wrote: »
    Nobody regulates them but ultimately, the independent assessor mentioned above can be contacted.



    The FOS are well known to be very liberal and even when its obvious someone is telling lies in a complaint, they go out of their way to use language that avoids saying as much. So, your story is very unusual.



    What exactly are you after? They have apologised and made an offer you have declined. So, this would indicate you are after something specific.



    Why would Martin want to get involved? You are unhappy, they apologised. End of story. He has more important things to look.

    Many thanks for your reply, so I take it you work for the finiancial ombudsman?
    My concern is that something so small as a packaged bank account reclaim could be dealt with so poorly, how are people being treated when something really important is being handled by them. The lack of transparency of the service is gobsmacking.
    in my case how do I know what information has been given to the ombudsman upon which he has made his decision......I don"t ! Nothing will have changed the next person can be treated the same way.....and all they have to do is say sorry.
  • dunstonhdunstonh
    99.8K posts
    Forumite ✭✭✭✭✭✭
    Many thanks for your reply, so I take it you work for the finiancial ombudsman?

    No. However, I help fund it.
    My concern is that something so small as a packaged bank account reclaim could be dealt with so poorly, how are people being treated when something really important is being handled by them. The lack of transparency of the service is gobsmacking.
    in my case how do I know what information has been given to the ombudsman upon which he has made his decision......I don"t ! Nothing will have changed the next person can be treated the same way.....and all they have to do is say sorry.

    How do you know that nothing will have changed? That staff member could have been disciplined, re-trained, sacked or any number of other things. However, they are not going to tell you as that is an internal issue.
    in my case how do I know what information has been given to the ombudsman upon which he has made his decision......I don"t !

    And the bank is not supplied everything you tell or give the ombudsman either. The adjudicator gives you the explanation and details they findings. If you disagree then you have the right to refer your case to an ombudsman. An ombudsman will review the decision, may ask either party further information to clarify points that the adjudicator may have missed or decided were not applicable and will then publish their decision. This decision is also made available on the website.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • -taff-taff
    11.1K posts
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    10,000 Posts Seventh Anniversary Name Dropper Photogenic
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    Is all this being rude and calling you a liar in print or over the phone?

    Are you miffed because they rejected your complaint?

    Not every complaint is valid, not every complaint results in success.
  • roonaldoroonaldo
    3.4K posts
    Forumite
    This is a bit dramatic. FOS are not a consumer champion. You should move on.
  • edited 17 July 2015 at 6:31AM
    NearlyoldNearlyold
    1.4K posts
    Forumite
    edited 17 July 2015 at 6:31AM
    The closest I've seen to FOS calling someone a liar is when complainants allege they were told product X was required in order to obtain the loan and then later allege that the same product X was added without their knowledge, but even then FOS use gentle terms such as "these recollections can't both be true" or "memories fade with time" etc. Perhaps the OP told such a Whopper that FOS had no alternative but to tell it like it is, OR more likely didn't call her/him a liar at all, but merely pointed out that parts of the OPs testimony were contradictory or had no evidence.
  • edited 17 July 2015 at 3:36PM
    quaybabquaybab
    106 posts
    Forumite
    edited 17 July 2015 at 3:36PM
    Unfortunately, the FOS don't make it clear that they run the system and decide the outcome of cases and how they get there (operational decisions).
    I think its a valid point users of the FOS should be made patently aware this is the way they work and that the law, rules, t&cs, fairness can be considered or ignored.

    You can only complain about delays, rudeness etc. You can only detect a complaint about being lied to by collusion (which they don't like) as the system is opaque and you can't get the truth out. Lies (management of information) are a key tool used by the FOS.
    The Independent Assessor does not deal with operational decisions.

    You can see how many other people have had a similar experience at http://www.whatdotheyknow.com/request/poor_service_compensation_offers_2

    The FCA won't do anything despite being on the FOS board so I would contact your MP or devolved representative if you remain unhappy.
  • Catpuss66 wrote: »
    Many thanks for your reply, so I take it you work for the finiancial ombudsman?
    This statement makes it look like the OP is disappointed and sinking into conspiracy theory.

    If you look at his signature you will see that dunstonh is a financial adviser.
  • dumpyboydumpyboy
    379 posts
    Forumite
    I found fos a very poor service , had a on going complant for over 6 years which was said to have been resolved by two different adjudicators went back to a third , who was rude and looked down his nose at me , found aganst me went for an ombudsman decision , who said as his rights due to time of complant it would not look at it and said that an arrangement could be reported for 18 years , went to my mp and he said no one can overturn an ombudsman ruling , so till the day fos are made independent from financial company's they will play the tune for them
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