When Banks don't Act on FOS Findings

eskbanker

The message seems much the same as before, no less irritating, that's for sure! Not sure if you're minded to respond but I still feel that she should be telling them that if they don't formally reject the FOS instruction (not suggestions, recommendations, etc) by a specified date then they'll be deemed to have accepted it, rather than her apparent expectation that they can just let it drift for as long as they choose.

Coincidentally I walked past the TSB registered office a couple of hours ago, tempting to stick my head in the door and ask how many FOS adjudicators were working in there

masonic

Personally, I'd be asking for a call from her manager at the earliest convenience to discuss this latest communication. I'm beginning to question whether this is an elaborate hoax as I simply cannot believe what I'm reading.

Cotta

masonic wrote: »

Personally, I'd be asking for a call from her manager at the earliest convenience to discuss this latest communication. I'm beginning to question whether this is an elaborate hoax as I simply cannot believe what I'm reading.

It's infuriating to say the least, I have no confidence at all in FOS.

Cotta

Just to update everyone that there has been absolutely no movement on this, the compensation was agreed with the adjudicator on 18th December so we are now just over four weeks on from this date. There has also been no communication with FOS since their last email above.

What should I do from here? I am concerned that if it goes to the Ombudsman now it could result in a substantially reduced settlement, on the other side my confidence with the adjudicator is low and I am now sure what she can do.

eskbanker

If you don't want to wait to be contacted you could always initiate contact with the adjudicator to advise that you haven't received anything from TSB and asking what happens next now that the revised deadline has been passed?

No point in being concerned about ombudsman referral as there isn't really anything you can do at this point other than to cave in with a lower counter-offer yourself, which is what the adjudicator seemed to be hinting at - I think she's bluffing and that an ombudsman may well increase the award anyway, based on TSB's repeated intransigence and disrespect for the FOS. I remain convinced that it'll play out better if the case is referred to an ombudsman on the basis that TSB failed to deliver again rather than you choosing to escalate, so it'll be interesting to hear what the adjudicator and, more importantly, her manager have to say on the subject....

Cotta

eskbanker wrote: »

If you don't want to wait to be contacted you could always initiate contact with the adjudicator to advise that you haven't received anything from TSB and asking what happens next now that the revised deadline has been passed?

No point in being concerned about ombudsman referral as there isn't really anything you can do at this point other than to cave in with a lower counter-offer yourself, which is what the adjudicator seemed to be hinting at - I think she's bluffing and that an ombudsman may well increase the award anyway, based on TSB's repeated intransigence and disrespect for the FOS. I remain convinced that it'll play out better if the case is referred to an ombudsman on the basis that TSB failed to deliver again rather than you choosing to escalate, so it'll be interesting to hear what the adjudicator and, more importantly, her manager have to say on the subject....

Good points as always. I fear to some extent TSB might argue FOS have not given them enough time. Is there any set time rule by which a bank must act on FOS recommendations?

eskbanker

Cotta wrote: »

Good points as always. I fear to some extent TSB might argue FOS have not given them enough time. Is there any set time rule by which a bank must act on FOS recommendations?

Not that I'm aware of - the adjudicator claimed to have specified three weeks in both tranches and her manager upped that to four weeks, so if there was an overall set limit (as opposed to case-specific ones) then you'd expect both adjudicator and manager to be aware of it.

I'd also expect that if TSB felt that they needed more time then they'd have reverted to the adjudicator immediately saying that and seeking a finite extension, but if they haven't done that then I don't see that they have a leg to stand on.

Anyway, the ball should be in FOS's court on this so it's up to them to pursue TSB and establish what the current state of play is - as mentioned last week I'm sure that the adjudicator's manager will be wanting to discuss this with her round about now, so it'll be good to understand what his steer is....

EachPenny

Cotta wrote: »

Good points as always. I fear to some extent TSB might argue FOS have not given them enough time. Is there any set time rule by which a bank must act on FOS recommendations?

I'd sit tight if I were you.

Their last communication asked you to be patient. The longer it takes for them to sort the situation out the worse it reflects on them.

At this stage you need to be thinking about making a complaint about the FOS performance (once the substantive TSB issue is resolved) and the bigger the hole they dig themselves then the more they need to do to explain away your complaint.

The final decision is yours of course, but my reading of the situation is an Ombudsman is unlikely to give you a much worse outcome than that the adjudicator is proposing - and if they do, then you can try to make up (some of) your loss through a complaint about the quality of service of the FOS.

Cotta

Trying to make sense of what has happened, below are my summations to date:

- Due to all of the issues on 18th December I expected that following my acceptance of the offer it would result in a fairly speedy turnaround possibly even before Christmas, when this failed I felt the first week of January would sort out this issue.

- I do feel that if FOS contact TSB again they will just claim they need more time.

- Something tells me they have forgotten about this issue.

I am going to wait until Friday and make contact with FOS again, we will be touching five weeks at this stage and I feel this is past the point of any level of reasonableness.

eskbanker

Cotta wrote: »

- Due to all of the issues on 18th December I expected that following my acceptance of the offer it would result in a fairly speedy turnaround possibly even before Christmas, when this failed I felt the first week of January would sort out this issue.

This is why it's important for the FOS to set expectations, both for you and TSB, by clearly stating in their adjudication that payment must be made by a specific date and that any rejection by TSB needed to have been made by another (or the same) specific date. I can't recall if these dates were ever clearly spelt out in writing.

Cotta wrote: »

- I do feel that if FOS contact TSB again they will just claim they need more time.

They'll possibly ask, but that doesn't mean FOS have to accept any such request! I'd expect that the manager's intervention last week to grant them another week wouldn't have been on the basis that this sets a precedent and that it can just keep rolling on, especially when the adjudicator (presumably under pressure from her manager) has repeatedly been keen to close it off asap.

Cotta wrote: »

- Something tells me they have forgotten about this issue.

Possibly but unlikely IMHO. As pointed out above, further delay may play into your hands, frustrating though it undoubtedly is.

Cotta wrote: »

I am going to wait until Friday and make contact with FOS again, we will be touching five weeks at this stage and I feel this is past the point of any level of reasonableness.

I think that ship sailed long ago! As suggested earlier, personally I'd frame it as advising FOS that TSB haven't paid up rather than chasing as such, although chasing would hardly be unreasonable....