When Banks don't Act on FOS Findings

Cotta

It appears the end is nigh:




Dear Cotta,



Further to our communications I have consulted with my Manager as promised, whilst at this stage I have to make an offer independently they have suggested that £75 is “much too low” for the distress and inconvenience you have experienced with reference made to the fact that since our recommendations your issues have been much worse. To qualify my £75 was a suggestion to get things closed off on both sides and one of your requests was a speedy resolution. I hope to have an offer through to you later today, if you can give some more thoughts on your expectations so that when my offer comes across if you’re still unhappy we can ask my Manager to independently review.



Kind Regards

FOS

Cotta

Needless to say the decision didn't come today.

masonic

I like this "manager". Isn't it a shame (s)he couldn't have offered more guidance throughout this process.

Cotta

masonic wrote: »

I like this "manager". Isn't it a shame (s)he couldn't have offered more guidance throughout this process.

Agreed the Manager seems to be much more than more in tune, however what sort of sensible offer should I be seeking?

Cotta

Can anyone explain the following email from FOS just through?


Dear Mr. Cotta,

Apologies for the delay in reaching a final determination with your case, however it is extremely long and complex. I am able to confirm that in accordance with FOS standards I am categorising your issues with TSB as "Moderate" and the subsequent compensation levels will reflect this determination. I hope to have a final response out to you today.

Any queries please do not hesitate to contact my office.

FOS.

Cotta

And a decision has been made, it came via a telephone call.

- Adjudicator has decided upon an additional £500 to be paid, she has spoken to TSB and they have agreed to this. (I thought I might have been consulted first).

- TSB are still refusing to pay the missing interest so adjudicator has said I will just have to take it as part of the £500.

I asked how this £500 came about as the issues this time were much worse than the first time yet the determination was valued less in monetary terms (The first decision was the £500 plus missing interest paid on the side). Adjudicator advised that "it's just the way things are and only I know how difficult your case was it would be less than £500".

I'm not overly happy with this (I know that makes me sound greedy), however I would have liked confirmation on the compensation before agreeing it with TSB and the fact that the figures don't reconcile to the initial tranche is also an issue.


Am I being unfair?


Edit - Adjudicator advised if I go to the Ombudsman it will take at least eight weeks for me to get any compensation.

Ergates

Cotta wrote: »

I am able to confirm that in accordance with FOS standards I am categorising your issues with TSB as "Moderate"

One wonders what a bank would have to do for the issues to be categorised as "Severe".

Delete your account and all the money in it?
Empty your account into the staff Christmas party fund, then send you photos of the party.
Send out a hit squad to kill your family?

eskbanker

Cotta wrote: »

And a decision has been made, it came via a telephone call.

- Adjudicator has decided upon an additional £500 to be paid, she has spoken to TSB and they have agreed to this. (I thought I might have been consulted first).

- TSB are still refusing to pay the missing interest so adjudicator has said I will just have to take it as part of the £500.

I asked how this £500 came about as the issues this time were much worse than the first time yet the determination was valued less in monetary terms (The first decision was the £500 plus missing interest paid on the side). Adjudicator advised that "it's just the way things are and only I know how difficult your case was it would be less than £500".

I'm not overly happy with this (I know that makes me sound greedy), however I would have liked confirmation on the compensation before agreeing it with TSB and the fact that the figures don't reconcile to the initial tranche is also an issue.


Am I being unfair?


Edit - Adjudicator advised if I go to the Ombudsman it will take at least eight weeks for me to get any compensation.

That's quite a shift in compensation offer from what was being outlined earlier in the week, from which I'd assume that this was the manager effectively steering the adjudicator to make the figure more realistic.

I think in your shoes I'd accept this and move on - you obviously have the right to escalate it to an ombudsman but in order to do so I think you'd need to come up with a convincing and quantified argument that £1,000 is inadequate compensation for the whole set of issues since April. I do get that you feel that, starting from an assumption that £500 was appropriate for the first few months, the post-August hassle was at least as troublesome, but the ombudsman would presumably review the case in its entirety rather than looking specifically at the post-August period.

There is also the matter of the adjudicator's conduct over the last few months, which has clearly been below the standards you have a right to expect, but whether that actually translates into any justification for higher compensation is a debatable point in the light of the latest offer.

So, personally I'd accept this offer and agree to close the case - if you feel it's worthwhile you could also make a formal complaint about the FOS itself....

If you feel it's worth escalating to an ombudsman, you could always rehearse your argument by posting it on here?

HampshireH

Odd that now they won't pay the interest yet that payment is already confirmed as inprogress by TSB in your previous posts as they have agreed this already.

I think i would look to wrap this up too but it would annoy me that they have already agreed to pay the interest and seemingly have forgotton this agreement

JuicyJesus

I agree with eskbanker that I would take £1k total as the adjudicator has offered. If TSB will pay that no quibble then I don't see an issue.

Honestly I'd snap their hands off.