Santander compensation help.

Matty007

I am currently negotiating a compensation settlement from Santander, after refunding (£1700+) fraudulent transactions which they initially said that they wouldn't.

Just before Christmas I was notified that I had gone over my arranged overdraft.

On checking there was £1700.00 of fraudulent transactions.

I immediately contacted the bank to tell them (same day as transactions).

Later Santander fraud department contacted me.

Santander declined my claim.

I could not access my account or funds that I had saved for the Christmas period.

Santander were rude, dismissive and incompetent.

I showed evidence that I was not negligent in anyway or complicit in their execution.

I was wholly innocent of anything that might have facilitated these transactions. 

6+ hours of phone calls and 4+ hours constructing an accurate timeline of events.

How might I calculate what is reasonable compensation.

Thank you

ForumUser7

Sorry to hear about this.

In terms of compensation, I tend to find the FOS guidelines helpful to figure out a sensible amount: https://www.financial-ombudsman.org.uk/consumers/expect/compensation-for-distress-or-inconvenience

FOS does not tend to compensate any kind of hourly rate, instead they just fit it into a banded award.

Hopefully you can resolve it with Santander, but regardless I find that article helpful for working out what kind of compensation should be paid to me when I've been messed around.

martinbainbridge1975

I had an issue with creation last year over a car finance, whilst it was not fraudulent their attitude was equally as bad and staff demonstrated incompetence.

I got £500, something to consider is that if the financial or banking ombudsman become involved the businesses get charged by them, last check I had was £750 being the cost to the business

The_squirrell

martinbainbridge1975 said:

I had an issue with creation last year over a car finance, whilst it was not fraudulent their attitude was equally as bad and staff demonstrated incompetence.

I got £500, something to consider is that if the financial or banking ombudsman become involved the businesses get charged by them, last check I had was £750 being the cost to the business

Yes, it is £750. However, I can only say that for the firm I work for, this is irrelevant. If a complaint is justified, then we will compensate accordingly. If a complaint is unjustified or unreasonable, we will will not let the FOS cost influence a decision as we try to be fair to all customers whether they shout loudly, or not

martinbainbridge1975

The_squirrell said:

martinbainbridge1975 said:

I had an issue with creation last year over a car finance, whilst it was not fraudulent their attitude was equally as bad and staff demonstrated incompetence.

I got £500, something to consider is that if the financial or banking ombudsman become involved the businesses get charged by them, last check I had was £750 being the cost to the business

Yes, it is £750. However, I can only say that for the firm I work for, this is irrelevant. If a complaint is justified, then we will compensate accordingly. If a complaint is unjustified or unreasonable, we will will not let the FOS cost influence a decision as we try to be fair to all customers whether they shout loudly, or not

Fair point, it is a shame all companies are not fair to customers.

I would sum up creation as cowboys - I could not believe some of the garbage they spouted out for their breaches and mistakes.

20 odd years financial service experience certainly helped in my case as creation assumed they could do as they please.

1 thing I never do is shout, always keep it factual as if you raise your voice you have lost any argument in my view

dunstonh

I got £500, something to consider is that if the financial or banking ombudsman become involved the businesses get charged by them, last check I had was £750 being the cost to the business

That doesn't apply to big companies.  They pay a block fee instead of a case by case fee.