Bank not advising of my rights to contact Financial Ombudsman Service following making a complaint

colsten

born_again said:

colsten
So really sounds like they did not take the original request as a complaint. Given it was 7 years after the event. Which would bear out the simple send of a transaction list. Which makes you wonder if the OP simply asked how much they had sent rather than actually complained they had been duped.

We have only seen the OP's side of the story. Which in itself doesn't suggest they can expect to see their money back, even though the OP believe themselves that they should still pursue repayment.

Neither the bank nor the ombudsman nor the Police, all of whom have [access to] a lot more information about the matter than we have, seem to be sharing the OP's view. I tend to think the OP has nil chance to get their money reimbursed by the bank.

OceanSound

JohnSmith999 said:

.......
Can someone please advise me of what procedure my bank should follow now? They're clearly just trying to wash their hands of the situation, because so much of it happened over 6 years ago, but I believe that since I was not advised of my rights as I've described, this makes the situation current again, and I believe they should take notice.

......

Financial Conduct Authority (FCA) rules clearly state financial institutions must inform the customer of this right.

I recently made a complaint to Fineco Bank, they replied with quite a stern 'we are not upholding your complaint'. No mention of the right to refer to financial ombudsman service (FOS). I complained to FOS about this.

FOS has referred my complaint back to Fineco Bank to so they can now issue a final response. Shows how the FOS is pretty much at the mercy of these financial institutions (as it's funded by them). 

If we don't stick to the rules then case closed. If a financial institution breaks a rule, then go back to them and ask them politely to keep to the rules. You can't make it up.

[Deleted User]

OceanSound said:

JohnSmith999 said:

.......
Can someone please advise me of what procedure my bank should follow now? They're clearly just trying to wash their hands of the situation, because so much of it happened over 6 years ago, but I believe that since I was not advised of my rights as I've described, this makes the situation current again, and I believe they should take notice.

......

Financial Conduct Authority (FCA) rules clearly state financial institutions must inform the customer of this right.

I recently made a complaint to Fineco Bank, they replied with quite a stern 'we are not upholding your complaint'. No mention of the right to refer to financial ombudsman service (FOS). I complained to FOS about this.

FOS has referred my complaint back to Fineco Bank to so they can now issue a final response. Shows how the FOS is pretty much at the mercy of these financial institutions (as it's funded by them). 

If we don't stick to the rules then case closed. If a financial institution breaks a rule, then go back to them and ask them politely to keep to the rules. You can't make it up.

You have the right to refer to the FOS 8 weeks after the complaint is made regardless of whether you get a rejection or deadlock letter. The FOS is funded by levies and case fees on financial institutions, not funded by them in the way you are implying. Finally there are tonnes of examples of the FOS forcing companies to pay out even when they're not necessarily in the wrong, it's a consumer biased organisation.

OceanSound

Deleted_User said:

OceanSound said:

JohnSmith999 said:

.......
Can someone please advise me of what procedure my bank should follow now? They're clearly just trying to wash their hands of the situation, because so much of it happened over 6 years ago, but I believe that since I was not advised of my rights as I've described, this makes the situation current again, and I believe they should take notice.

......

Financial Conduct Authority (FCA) rules clearly state financial institutions must inform the customer of this right.

I recently made a complaint to Fineco Bank, they replied with quite a stern 'we are not upholding your complaint'. No mention of the right to refer to financial ombudsman service (FOS). I complained to FOS about this.

FOS has referred my complaint back to Fineco Bank to so they can now issue a final response. Shows how the FOS is pretty much at the mercy of these financial institutions (as it's funded by them). 

If we don't stick to the rules then case closed. If a financial institution breaks a rule, then go back to them and ask them politely to keep to the rules. You can't make it up.

You have the right to refer to the FOS 8 weeks after the complaint is made regardless of whether you get a rejection or deadlock letter. ...

Pretty sure this is not completely correct. If you get a rejection or deadlock letter at week 7 (since complaining) you don't need to wait another week before complaining. You can do so immediately.

Anyway, Finco Bank replied 8 weeks after my complaint.

Edit: I complained on 19 April. Fineco bank replied on 22 April saying:

... it may take up to 8 weeks for the process to be completed.

Then I received another email saying '...we would like to thank you for the feedback provided...' (even though I had said on initial email that I'd like it to be recorded as an official complaint) on 14 June from their 'Complaints Office'. That's exactly eight weeks I believe. 

kaMelo

OceanSound said:

Deleted_User said:

OceanSound said:

JohnSmith999 said:

.......
Can someone please advise me of what procedure my bank should follow now? They're clearly just trying to wash their hands of the situation, because so much of it happened over 6 years ago, but I believe that since I was not advised of my rights as I've described, this makes the situation current again, and I believe they should take notice.

......

Financial Conduct Authority (FCA) rules clearly state financial institutions must inform the customer of this right.

I recently made a complaint to Fineco Bank, they replied with quite a stern 'we are not upholding your complaint'. No mention of the right to refer to financial ombudsman service (FOS). I complained to FOS about this.

FOS has referred my complaint back to Fineco Bank to so they can now issue a final response. Shows how the FOS is pretty much at the mercy of these financial institutions (as it's funded by them). 

If we don't stick to the rules then case closed. If a financial institution breaks a rule, then go back to them and ask them politely to keep to the rules. You can't make it up.

You have the right to refer to the FOS 8 weeks after the complaint is made regardless of whether you get a rejection or deadlock letter. ...

Pretty sure this is not completely correct. If you get a rejection or deadlock letter at week 7 (since complaining) you don't need to wait another week before complaining. You can do so immediately.

Anyway, Finco Bank replied 8 weeks after my complaint.

Edit: I complained on 19 April. Fineco bank replied on 22 April saying:

... it may take up to 8 weeks for the process to be completed.

Then I received another email saying '...we would like to thank you for the feedback provided...' (even though I had said on initial email that I'd like it to be recorded as an official complaint) on 14 June from their 'Complaints Office'. That's exactly eight weeks I believe. 

You're both correct, to be complete it's either:

You receive a final response of deadlock/rejection   OR    eight weeks since your complaint started.

Whichever happens first is when you can approach the FOS.

born_again

>>>Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.<<<

Edi81

Why are people resurrecting a year old thread???!

k3lvc

Edi81 said:

Why are people resurrecting a year old thread???!

All that's missing now is the OP to return telling us how he got a full refund and eleventy billion quid compensation

OceanSound

Good to see that at least some can count number of days/weeks/years.

Not a rule on the forum, mind.

Thrugelmir

OceanSound said:

JohnSmith999 said:

.......
Can someone please advise me of what procedure my bank should follow now? They're clearly just trying to wash their hands of the situation, because so much of it happened over 6 years ago, but I believe that since I was not advised of my rights as I've described, this makes the situation current again, and I believe they should take notice.

......

FOS has referred my complaint back to Fineco Bank to so they can now issue a final response. Shows how the FOS is pretty much at the mercy of these financial institutions (as it's funded by them). 

Bottom line is the customers foot the bill. There's no magic money trees.