When Banks don't Act on FOS Findings

Cotta

In less than two weeks it'll be one fułl year since the TSB problems arose. It's been an exhausting process and I'm still not sure how it will pan out.

Cotta

I had hoped this was the Ombudsman's decision coming through but unfortunately not, i'm slightly concerned at the sudden confidence of TSB....

Dear Mr. Cotta,

Following on from our conversation yesterday TSB are refusing to increase their offer from £300 and have in fact subsequently withdrawn it. They feel that they have already been more than generous.

Also having spoken to my Manager I have been advised not to contact you further until an Ombudsman ruling has been made.

Regards
FOS

JuicyJesus

Why is tsb still talking to her and why is she still talking to tsb?

(This was in all caps but MSE removed it. Humph.)

Cotta

JuicyJesus wrote: »

Why is tsb still talking to her and why is she still talking to tsb?

(This was in all caps but MSE removed it. Humph.)

She seems inexperienced and TSB have been chancing their arm although their offer withdrawal concerns me, I wonder what they have heard?

eskbanker

Cotta wrote: »

She seems inexperienced and TSB have been chancing their arm although their offer withdrawal concerns me, I wonder what they have heard?

Don't pay any attention to what the adjudicator or TSB say or do at this stage, it's just noise - it's the ombudsman's verdict that counts! You'll get to hear this at the same time that TSB do.

Besides, as ever, what TSB feel is generous is irrelevant, they'll be required to pay whatever FOS instruct them to pay....

masonic

Cotta wrote: »

She seems inexperienced and TSB have been chancing their arm although their offer withdrawal concerns me, I wonder what they have heard?

They offered £300, meaning they think the decision will be for more than £300. They stated the offer was for "today", so as to create a sense of false urgency in the hope you'd panic and accept this low-ball offer. They are withdrawing it now because this approach did not work and this is just a new tactic is aimed at making you uneasy so that you might settle with them for £300, or less if they think they can get away with it.

Dodgy dealings right out of the used car salesman handbook, and the adjudicator is complicit. I hope the manager has given her a telling off as well as instructing her to butt out.

Cotta

And today is the deadline day by which the Ombudsman is supposed to get back to me, will this saga end today?

masonic

"Tomorrow, Tomorrow, I love ya Tomorrow, you're always a day away"

Cotta

The Ombudsman has responded. In brief they have effectively rubber stamped the adjudicator's decision to the letter. There were chunks of the issues that they opted not to deal with including the delay following the Adjudicator's decision in December. I have advised that I am happy with the initial fininding but a key point of escalation was to look at the delay from December until now where TSB effectively ignored FOS - I have indicated that I feel this should be addressed.

eskbanker

Reassuring to see that the original decision has been upheld, although I don't think there was ever much prospect of the figure being reduced, despite the adjudicator's assertions! Disappointing that no notice seems to have been taken of the delay issue (after this seemed to be confirmed as being in scope), and of course TSB still haven't actually paid up so this shouldn't be referred to in the past tense just yet....