Financial Ombudsman

MrBlueSky2018

Can someone please tell me what exactly does the FOS do?
I am in the final stages of a complaint I submitted to the FOS and I have found that for the second time, they have been useless.
My complaint concerned the wrong interest charges being applied to a paid up bank loan.
I have spent the last few months explaining in great detail my complaint and showing my calculations to various departments in the FOS.
I have had the complaint rejected because its been deemed that the bank have "handled the complaint fairly and reasonably". No reference of inaccurate calculations!
When pressed to calculate the figures themselves, the FOS adjudicator has responded with "we are not auditors"!!
My question to anyone out there is, then how can we reclaim charges if nobody is required to calculate the figures??

[Deleted User]

MrBlueSky2018 wrote: »

Can someone please tell me what exactly does the FOS do?

They are the arbitrator of disputes between financial institutions and their customers. What they are not is consumer champions.

MrBlueSky2018 wrote: »

I have had the complaint rejected because its been deemed that the bank have "handled the complaint fairly and reasonably". No reference of inaccurate calculations!

Without any details of how the Bank responded, I'm guessing they must have corrected the error for FOS to adjudicate in their favour?
If you disagree with the adjudicator you can have an actual Ombudsman look at it.

MrBlueSky2018 wrote: »

they have been useless

For literally millions of others they have been the opposite.

If you want forum opinions, you really need to post up details of your actual complaint and how it was responded to by the Bank..

dunstonh

Can someone please tell me what exactly does the FOS do?

It is an independent arbiter of complaint outcomes.

I have had the complaint rejected because its been deemed that the bank have "handled the complaint fairly and reasonably". No reference of inaccurate calculations!

That isnt really a complaint. So, a rejection seems correct.

When pressed to calculate the figures themselves, the FOS adjudicator has responded with "we are not auditors"!!

They are not. So, the response is correct.

My question to anyone out there is, then how can we reclaim charges if nobody is required to calculate the figures??

Are you talking about charges or interest? Most people are not reclaiming charges as that becomes limited to a small number of areas after the supreme court case in 2009.

As yours is not a complaint issue, the FOS has no remit in that area. Yours is a legal issue and you need to speak with a solicitor and hope your calculations are not wrong.

MrBlueSky2018

My complaint to the FOS had began when the bank refused to prove how they had reached their calculations on my fixed term 5 year loan.The loan had ended and for various reasons the charges had appeared to be excessive so I completed my own calculations. Using Resolver, I made a complaint to the bank and requested that they prove to me their final figures.The complaint was designated to one particular handler who would not reveal the calculations used on the loan. I suspected this was because he was unable to use percentages. He then rejected the complaint and invited me to contact the FOS if I was not happy with the response. I then approached the FOS with the complaint. After a lot of detailed information provided by me to prove my calculations, the adjudicator did not inspect any of the maths and decided to reject my complaint and then used a rehash of the banks original responses for the explanation. I had thought the FOS were there to analyse a complaint against a bank which could include a dispute with incorrect charges? If they are not there to help solve financial complaints, then why are we constantly directed towards to the FOS if they are limited with how they can carry out an investigation? As for the ombudsman, then surely they would use the same complaint handling criteria and say that they were not there to be 'auditors'?

dunstonh

My complaint to the FOS had began when the bank refused to prove how they had reached their calculations on my fixed term 5 year loan.

They are not required to.

He then rejected the complaint and invited me to contact the FOS if I was not happy with the response.

That is a regulatory requirement on rejections.

I then approached the FOS with the complaint. After a lot of detailed information provided by me to prove my calculations, the adjudicator did not inspect any of the maths and decided to reject my complaint and then used a rehash of the banks original responses for the explanation.

That is because you do not have a valid complaint.

I had thought the FOS were there to analyse a complaint against a bank which could include a dispute with incorrect charges?

They are not there to check your maths.

If they are not there to help solve financial complaints, then why are we constantly directed towards to the FOS if they are limited with how they can carry out an investigation?

Yours is not a complaint. You have an opinion that the calculations are wrong and have asked for an audit. The bank is under no obligation to pay for an audit and the FOS certainly is not in a position to pay for an audit or carry out an audit.

You are free to pay for an audit and if that comes up with different figures then you are free to use the courts for such a thing.

Your issue is not a complaint though. You are alleging a breach under the consumer credit act which is a legal issue.

antrobus

MrBlueSky2018 wrote: »

My complaint to the FOS had began when the bank refused to prove how they had reached their calculations on my fixed term 5 year loan.The loan had ended and for various reasons the charges had appeared to be excessive so I completed my own calculations. Using Resolver, I made a complaint to the bank and requested that they prove to me their final figures.The complaint was designated to one particular handler who would not reveal the calculations used on the loan. I suspected this was because he was unable to use percentages. He then rejected the complaint and invited me to contact the FOS if I was not happy with the response. I then approached the FOS with the complaint. After a lot of detailed information provided by me to prove my calculations, the adjudicator did not inspect any of the maths and decided to reject my complaint and then used a rehash of the banks original responses for the explanation. I had thought the FOS were there to analyse a complaint against a bank which could include a dispute with incorrect charges? If they are not there to help solve financial complaints, then why are we constantly directed towards to the FOS if they are limited with how they can carry out an investigation? As for the ombudsman, then surely they would use the same complaint handling criteria and say that they were not there to be 'auditors'?

It would be better if you started your own thread, posted details of your fixed term 5 year loan, and your calculations vs those of the bank. Someone might then be able to explain the discrepancy.

The bank obviously believes their calculations to be correct. Well they would; they have systems for that sort of thing. The chap or chapess at the FOS might have got their calculator out, or they may have simply decided that of course Big Bank PLC got their numbers right. I really don't know.

As to the FOS solving financial complaints; the solution may well be a rejection of the complaint.

Nearlyold

MrBlueSky2018. If you post - Amount Borrowed, APR, Exact Term, Monthly payment,& Total amount Payable from the details of the loan you would have received from the bank, how that differs from what you actually ended up paying and additionally how both compare with what you calculate you should have paid. Did you have arrears at any point?

JimmyTheWig

antrobus wrote: »

It would be better if you started your own thread

This is his thread!

OP - probably best to get someone on here to check your figures and then raise a small claims court claim if you're confident that the bank are wrong.

[Deleted User]

JimmyTheWig wrote: »

This is his thread

Indeed.

JimmyTheWig wrote: »

probably best to get someone on here to check your figures and then raise a small claims court claim if you're confident that the bank are wrong.

I don't think the OP has any valid calculations to check to be honest
I'd regard a "complaint" demanding the Bank PROVE that their calculations are correct as somewhat vexatious. Without details it's impossible to know, but my guess is this is why FOS also rejected the OP's concerns.
I suspect any potential court action is also doomed to failure...

Nasqueron

Moneyineptitude wrote: »

I suspect any potential court action is also doomed to failure...

Not for the lawyers

MrBlueSky2018

No not 'vexatious'. If I had paid for a car on HP and the final account charges five years later were obviously much higher than had originally agreed, then anyone on here would ask for the loan company to prove their calculations.
The adjudicator for the FOS had not explained in the beginning of the complaint that I was not able to request interest rate used.
No missed payments.