When Banks don't Act on FOS Findings

pmduk

It seems Cotta has been dealing with a TSB apologist rather than an adjudicator, much to the shame of the FOS.

Cotta

Looks like it should be today - I have accepted the below:


Dear Cotta,

Happy Monday!

We really need to get your long running case closed off today. I am reverting to TSB today for interest on the balance up to £1500 (there will be nothing paid on holdings above this amount).

There will be nothing further paid than £500 in compensation.

Please advise if you are in agreement and hopefully if TSB are satisfied this will be completed today.

Regards
FOS

eskbanker

Wouldn't it have been refreshing if the tone of the message was more along the lines of:

Dear Mr Cotta,

I'm hoping that it'll be possible to resolve this long-running saga for you shortly and will advise TSB that in order to do so they must include the previously-promised missing interest on the £1500, on top of the additional £500 compensation that's been provisionally agreed last week.

I will let you know once we are in a position to confirm this....

Regards,

FOS

Cotta

I'm at the point now whereby she can say what she wants to me as long as we can get this closed off. It's been a marathon!!

masonic

I think her optimism is unwarranted. TSB has agreed to things in the past and reneged at the 11th hour.

Cotta

Unlikely to be resolved today, TSB are still trying to decide a figure on the interest but issued the below through the adjudicator.


Dear Cotta,

Unfortunately TSB are still trying to work out the interest you are owed on the £1500 within your account. Our job is to ensure you are on the same footing as you would have been had this issue with TSB not occurred therefore we have advised TSB and they have agreed that you won't be getting interest on the amount above £1500 as within your T&Cs this was the maximum rate they are paying interest on.

I will update you when more is know.

Regards
FOS

masonic

They surely know the formula for calculating interest. There are just 3 variables: interest rate, balance and number of days; two are fixed so I guess they can't work out how many days interest you are entitled to receive.

pmduk

masonic wrote: »

They surely know the formula for calculating interest. There are just 3 variables: interest rate, balance and number of days; two are fixed so I guess they can't work out how many days interest you are entitled to receive.

They'll probably need to employ a consultant to work a calendar for them!

Cotta

And on we go, what should I do on the below? I know there is a risk of a smaller offer.


Dear Cotta,

As your case has been so complex I am considering sending it to the Ombudsman's office - can you advise today if this meets with your approval?

Regards
FOS

eskbanker

Perhaps worth asking why she considers this necessary at the eleventh hour?

I know that this has been suggested frequently on here as a way of unblocking things and getting a decent resolution in the absence of the adjudicator apparently being able to deliver it, but now that a deal is on the table (subject to clarifying the interest issue) it's not clear what she'd expect to achieve by doing this?