When Banks don't Act on FOS Findings

JGUK

I would like to see this go to an Ombudsman, the paperwork the adjudicator must have built up will be substantial by now.

I'm not sure you will get much more financial compensation, but I would hope that TSB would get a severely slapped wrist because of it.

Then again as others have said, there has to be a point where you cut your losses and run.

Not sure which way I would go with this one to be honest, their answers almost provoke you into wanting to keep pushing at the processes until they reach their end.

masonic

JGUK wrote: »

I'm not sure you will get much more financial compensation, but I would hope that TSB would get a severely slapped wrist because of it.

It's not part of the FOS's remit to discipline firms, but they have powers to report issues to the FCA, even at the Adjudicator level. The main benefit of an Ombudsman decision is that it is published.

Cotta

Brief Update,


Dear Mr. Cotta,

TSB have advised they are not willing to pay beyond the £500 mark, this will be £1000 in total. Whilst the issues you experiences after the initial recommendations may have been worse £500 is beyond what they would be willing to pay in any event however in accordance with contact with FOS they are making an exception this time. Unfortunately you will have to forget the missing interest.

Can we close this off today?

Regards
FOS

eskbanker

I know the interest issue rankles with you and once again the tone of the adjudicator's response irritates in how it over-sympathises with TSB's perspective, but looking back over the week's posts, on Monday TSB were adamant that they wouldn't agree to a total above £548 (compo + interest) and FOS were suggesting £623 in total, so personally I'd consider the £1,000 in the context of those figures, although admittedly you were never going to accept either of those.

As ever, it's obviously your call as to whether to accept, but as above I'd put yourself in the shoes of an ombudsman reviewing the case in its entirety - there is doubtless the possibility of getting another 4.8% for that interest but I'd be wary of escalating under a misapprehension that there's only upside from doing so....

Cotta

eskbanker wrote: »

I know the interest issue rankles with you and once again the tone of the adjudicator's response irritates in how it over-sympathises with TSB's perspective, but looking back over the week's posts, on Monday TSB were adamant that they wouldn't agree to a total above £548 (compo + interest) and FOS were suggesting £623 in total, so personally I'd consider the £1,000 in the context of those figures, although admittedly you were never going to accept either of those.

As ever, it's obviously your call as to whether to accept, but as above I'd put yourself in the shoes of an ombudsman reviewing the case in its entirety - there is doubtless the possibility of getting another 4.8% for that interest but I'd be wary of escalating under a misapprehension that there's only upside from doing so....

Agreed with everything you've said and I have just called the Adjudicator to advise so. She is running it past her Manager but everything is likely to remain as it is.

The balance has just been transferred into my account (£10 shy but I'm not going to chase this).

I think overall whilst an unpleasant experience, I am happy with the outcome.

I'll post the adjudicator's final response when it arrives.

HampshireH

Just make sure she doesn't close it off until that compensation hits an account. You dont want in closed off and then find they don't pay.

Cotta

Final update of today:

Dear Cotta,


My Manager has just advised that interest on the £1500 should be paid as standard and not rolled up into the compensation offered. Unfortunately it is now going to be Monday before a final agreement is reached. Apologies I did not realise my original findings had to be actioned separately and the £500 I outlined latterly did not account for the missed interest in my Manager's view. I will talk to my colleague from TSB on Monday.


Regards
FOS

eskbanker

That's good news on the interest but once again annoying to be pressured by the adjudicator to accept a 'final' proposal that's then overruled (in your favour) by her manager.

I would definitely be tempted to wait until the money actually arrives and then compose a lengthy complaint about the adjudicator's handling of the case, not with a view to getting any more compensation out of it but simply to highlight the many failings with how she's dealt with this, so that appropriate actions (disciplinary, retraining, procedure tweaks, etc, as applicable) can be taken by the management....

Cotta

It's certainly been worthwhile having her Manager cast an eye over things.

JGUK

I would want to push this off to an Ombudsman, not entirely sure why they are not doing this.

I wonder if perhaps she is in a special TSB-only related department that has been drafted in to help deal with the influx of cases against the bank?

The only time I had a case with the FOS the adjudicator offered an ombudsman relatively quickly into the proceedings when he realised the bank were not playing ball, on threat of getting an ombudsman involved (which I understand triggers another charge for them) they then decided to action my requests almost immediately and it all got closed off rather quickly.

I'm in disbelief that this adjudicator you have has point blank refused to escalate the matter over 4/5 times now.

Just editing to add that in my case it really did feel the adjudicator was at the very least initially impartial and when the bank in question started giving him the run around he very quickly started to empathise with me more and more about my case and offered ways to solve it. In yours it seems the exact opposite, which is quite concerning!