When Banks don't Act on FOS Findings

Cotta

An email just arrived through with the following updates:


1. £500 has been paid, additional compensation will not be paid, Ombudsman is not accepting this.

2. TSB claim I'm not eligible for the referral bonus, they are unable to determine how I became a member.

3. TSB advise that I'm not eligible for interest as when my account was locked down I paid no money into it.

4. TSB will attempt a manual change of address on this issue.

5. TSB have suggested they are unaware of ongoing technical issues with my account so I've provided evidence.

The adjudicator wants to talk tomorrow and will ask what I require to close this issue off, in fairness the adjudicator has been reasonable but what should I advise?

pmduk

On Point 2 I'd provide them with details of your eligibility. If they can't confirm them because their records are in a mess ask the FOS to refer that to both the ICO and FCA.

On point 3 I'd argue it is TSB's problem that prevented you crediting your account. Your interest should be paid as normal

masonic

Completely agree with the above.

I'd also casually slip into conversation a few questions/comments, like "is it normally this difficult to get a firm to comply with your decisions?" and "it can't be very good for your credibility when a major bank isn't willing to co-operate with you"

Cotta

masonic wrote: »

Completely agree with the above.

I'd also casually slip into conversation a few questions/comments, like "is it normally this difficult to get a firm to comply with your decisions?" and "it can't be very good for your credibility when a major bank isn't willing to co-operate with you"

Good point, the adjudicator has advised that this case needs closed off as a matter of urgency and the fact that it is her and not me requesting further compensation is unusual. I'll know more tomorrow.

pmduk

I'm sure there are personal finance journalists that would love this story.

Cotta

Adjudicator just called, she has advised that next Friday is the deadline she is setting to get everything closed off.

Adjudicator will call TSB and remain on the phone until they correct my address.

TSB must pay the missing referral bonus.

If TSB don't pay the missing interest this will be rolled up in the further compensation amount outlined.

Due to access issues with my account and ongoing technical issues I must call TSB to arrange for these to be corrected.

Adjudicator will now set the compensation levels above the £500 TSB have already paid as TSB are refusing to pay anything further.

djpailo

Cotta wrote: »

Adjudicator just called, she has advised that next Friday is the deadline she is setting to get everything closed off.

Adjudicator will call TSB and remain on the phone until they correct my address.

TSB must pay the missing referral bonus.

If TSB don't pay the missing interest this will be rolled up in the further compensation amount outlined.

Due to access issues with my account and ongoing technical issues I must call TSB to arrange for these to be corrected.

Adjudicator will now set the compensation levels above the £500 TSB have already paid as TSB are refusing to pay anything further.

Any company can have IT problems but to be this incompetent beggars belief...well it is TSB so perhaps not..:rotfl:

pmduk

Cotta wrote: »

Due to access issues with my account and ongoing technical issues I must call TSB to arrange for these to be corrected.

Make a note of the time this costs you as you have spent enough time sorting out their inadequacies already.

When this is over I'd be summarising all this and asking my MP just what it does take for an organisation to lose its banking licence in the UK?

Cotta

Cotta wrote: »

Due to access issues with my account and ongoing technical issues I must call TSB to arrange for these to be corrected.

No joy on this today, I had trouble getting through due to security issues, they advised I needed to confirm the security number they issued in the post (obviously to the wrong address) and the security number on the debit card issued (again to the wrong address). When I eventually got through the lady advised that she would have to put me on hold to see what is wrong with my account and why I couldn't withdraw funds, after being on hold 30 minutes I was cut off and never called back.

I've emailed the adjudicator for advice as I don't know what to do now.

OceanSound

pmduk wrote: »

Make a note of the time this costs you as you have spent enough time sorting out their inadequacies already.

When this is over I'd be summarising all this and asking my MP just what it does take for an organisation to lose its banking licence in the UK?

No idea about how to lose a license, however, to get a licence (according to this source) part of the process involves 'courtship with the regulators.' Then the next stage is called 'application: getting to second base'.

Leave it to your imagination what this 'second base' may entail.

Joking aside, one of the features is :

A high level outline of IT systems;.....
.... They [the bank] must demonstrate what they’ll do if systems are unavailable for minutes, hours and days – particularly problematic if it’s an app-only bank of course! They’ll have to think about the steps they’ll have to take to ensure customers don’t suffer and what they’ll do to find a solution when things go wrong. And, most importantly, how customer funds will be safeguarded in event of failure.

You have to wonder how on earth TSB got the licence in the first place. If the IT system upgrade wasn't part of the initial assessment, shouldn't a significant IT systems upgrade need to be approved by regulators (as it's clearly part of the licensing process).