Do I start Financial Ombudsman Process or go back to Financial Institution.

arsenalboy

I will not go into detail as it is irrelevant to my question.

I have a dispute with a Building Society over interest of quite a few hundred pounds not paid. I put in an official complaint to the Society and they have issued a comprehensive reply which they have marked "final response" and stated that if I am not satisfied to refer the complaint to the Financial Ombudsman.

I have done a lot of research and they have 100% not complied with guidance issued by the Financial Conduct Authority which the Financial Ombudsman refers to. It is quite obvious that an appeal to the Financial Ombudsman will go in my favour and the Society have scored an own goal.

My question is do I proceed with application to the Financial Ombudsman and waste everybody's time, or, do I go back to the Society even though they have issued their final response? 

I would welcome peoples views. 

[Deleted User]

If you feel they will change their mind, then you go back to the Society.

If not, you go to FOS.

Undervalued

Nothing stops you going back the the building society and a letter addressed to the chief executive may do the trick, particularly if the matter is as clear cut as you say.

It will cost them a fee of around £500 if you do go to the FOS, whether they win or lose. That may (or may not!) encourage a settlement even if they don't agree with your claim.

Keep_pedalling

I don’t think it at all obvious that the FO will agree with you and it will be an absolute waste of time trying to get a revised final decision from the BS, so either drop it or put a complaint In to the FO.

https://forums.moneysavingexpert.com/discussion/6315019/financial-conduct-authority-minimum-maximum-notice-for-rate-reduction#latest

Thrugelmir

The words final response appear clear enough. The BS isn't going to engage in further debate with you on the topic. 

Undervalued

Thrugelmir said:

The words final response appear clear enough. The BS isn't going to engage in further debate with you on the topic. 

That doesn't follow at all. I have had a "final response" letter from an high street bank and got a satisfactory resolution by writing the the CEO's department.

arsenalboy

Keep_pedalling said:

I don’t think it at all obvious that the FO will agree with you and it will be an absolute waste of time trying to get a revised final decision from the BS, so either drop it or put a complaint In to the FO.

https://forums.moneysavingexpert.com/discussion/6315019/financial-conduct-authority-minimum-maximum-notice-for-rate-reduction#latest

I would be relying on the attached link and in particular 4.1.2.6b 

BCOBS 4.1 Enabling banking customers to make informed decisions - FCA Handbook

I was given 12 months notice of rate reduction and they didnt follow it up as required.

TELLIT01

No matter how clear cut an individual may thing their case it, there is no certainty that the Ombudsman will take the same view.  There is nothing to lose apart from a little time by writing to the CEO and explaining clearly why they have not complied with the requirements of the Ombudsman.  If they don't move nothing is really lost, but it can then be shown that all attempts to get a resolution from the financial institution have failed.

born_again

So in simple terms. You either waste more time going back to BS in the hope they will change their minds (odds on not) or go to FOS. 
Just go to FOS they have months of work to get through 1st so you might as well get started now.

Thrugelmir

Undervalued said:

Thrugelmir said:

The words final response appear clear enough. The BS isn't going to engage in further debate with you on the topic. 

That doesn't follow at all. I have had a "final response" letter from an high street bank and got a satisfactory resolution by writing the the CEO's department.

Have you read the other thread?  

soolin

Be warned that the FOS will be a slow process , my ongoing case has been with them for around 16 months now. I did go to the CEO but did not get a response except a second copy of the same deadlock letter (and that 2nd copy only arrived about 4 weeks later) . I still think it worth a final letter to the CEO just in case. 

I do have an FOS decision in my favour but the FOS cannot get any response other than the bank disagrees , they’ve been given time to appeal which they didn’t reply to until late, they have now been given a further 3 weeks to provide Information which was up last week but FOS rep is on holiday so I have no idea what is happening. 

To go back on topic, none of this has cost me any real money yet, probably £10 or so in signed for postage with my various letters to the bank. It has cost me a great deal of time though so one more letter to the CEO is probably worth it before knowing you face months and months of inactivity.