When Banks don't Act on FOS Findings

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.

Cotta

Adjudicator has indicated that she is going to look into missing interest as a possible aside.

JGUK

Just read the whole post from start to finish, some of their responses have literally made me laugh out loud in disbelief.

If it were me, based on the the principle of the matter, I'd push for this to go to the Ombudsman, not sure if that would mean the current £1000 offer could in theory be revoked, or it is still binding.

But at the very least TSB have made a mockery out of the processes they are held by, the adjudicator is clearly either very junior or in cahoots with TSB to some degree and you have wasted a large amount of your time.

Even if there is no more financial recompense to come from it, if an Ombudsman looks at this properly and in depth, TSB will be getting in some serious trouble from the FCA.

Thats just me though. I could see someone saying enough is enough, take the £1000 and run. Your choice really.

Cotta

JGUK wrote: »

Just read the whole post from start to finish, some of their responses have literally made me laugh out loud in disbelief.

If it were me, based on the the principle of the matter, I'd push for this to go to the Ombudsman, not sure if that would mean the current £1000 offer could in theory be revoked, or it is still binding.

But at the very least TSB have made a mockery out of the processes they are held by, the adjudicator is clearly either very junior or in cahoots with TSB to some degree and you have wasted a large amount of your time.

Even if there is no more financial recompense to come from it, if an Ombudsman looks at this properly and in depth, TSB will be getting in some serious trouble from the FCA.

Thats just me though. I could see someone saying enough is enough, take the £1000 and run. Your choice really.

The problems since FOS made their original decision is almost like a new complaint and I am not sure how this can be classified as a moderate inconvenience when I have been locked out of my funds since April.


FOS were clear today that my time on the case has no bearing on the compensation levels.


I was quite disappointed today when the FOS representative seemed to forget about the missing interest promised in tranche 1 and the £500 had been agreed with TSB before I was consulted on it.