F.S.A vs Ombudsman

tincanman

Dear All

I have various issues,complaints about my mortgage company.Who do I go to, FSA or ombudsman ?????????

Who has more teeth????

Debt_Free_Chick

Have you been through the lender's complaints procedure? Both the FSA and Ombudsman will expect you to have exhausted that route first.

FSA should be for a breach of regulatory requirements. If they've been compliant, but "unfair" the FSA won't be interested. I don't think the FSA dishes out compensation - just fines if the firm has not complied with the statutory requirements.

Ombudsman for issues of "fairness" and where you are seeking compensation.

exel1966

Yep, you have to follow the protocol by complaining officially to your mortgage lender in writing outlining your concerns. They will have a set complaints procedure with timescales to look into your query. Await their response. Dependant on their response write again and give them a set time to deal with your enquiry, also possibly mentioning the FSA/Ombudsman in your letter and again wait their response.
If you are still not happy, then you can go to the FSA/Ombudsman with your previous/responses letters to back-up your argument.

You cannot speed up the system by bucking the procedure. It may take time, but that's the only real way it can be done. FSA/O, that will depend on the nature of the problem.

dunstonh

The FSA will not review individual complaints. So, even if you are not happy with the response from the company, you cannot take it to the FSA. The next option after the internal complaints procedure has been deadlocked is the FOS.

FSA regulate the industry and are only interested in serious breaches or illegal activity. They review the complaints against companies on their visits to look for trends and how the company resolved the complaint.

If you send a letter of complaint to the FSA they will send it to the provider/advising company to be dealt with.

There is also no compensation in financial services. There is financial redress and sometimes a small goodwill gesture where applicable.