Caught my bank lying. How can I negotiate a higher compensation?

HillStreetBlues

I'd suggest you take it up with the FCA whose own website I linked above specifically and categorically says you cannot take consumer issues (in this case, about level of compensation) to them and to go to the FOS

OP has presented no evidence about wrongdoing by any regulated individual or business and is automatically assuming bank staff lied rather than being mistaken

But the issue is the bank lying, not compensation.  The OP just wants more money to "compensate" the issue.

Section62

Nasqueron said:

Section62 said:

Nasqueron said:

Section62 said:

Nasqueron said:

Just to be clear, 1) you cannot go to the FCA, they do not handle customer complaints, you can only go to the FOS...

Anyone can report wrongdoing (by a regulated firm or individual) to the FCA.

You could report it if there was an actual breach of FCA rules or a scam, but they wouldn't accept a customer complaint case about the level of compensation 

....

Nobody suggested going to the FCA about the amount of compensation.

.....

I'd suggest you take it up with the FCA whose own website I linked above specifically and categorically says you cannot take consumer issues (in this case, about level of compensation) to them and to go to the FOS

Thanks for the suggestion, but I don't feel the need to take it up with the FCA.  I'm quite happy with the content of their website.  In the majority of cases I'm sure the issue will relate to something the FOS can deal with, and if appropriate they will consider an award of compensation.  Thus it makes sense for the FCA website to signpost people to the FOS instead.

But there are things - such as investigating reports of alleged wrongdoing - which are outside the remit of FOS.  Those things would properly be reported to the FCA, which you yourself acknowledged in your post the other day (left in the quote above ). i.e. "You could report it if there was an actual breach of FCA rules or a scam..."

I've not seen anything on the FCA website which "specifically and categorically says you cannot take consumer issues (in this case, about level of compensation) to them and to go to the FOS".  If there is such a thing stated somewhere then please provide a link - as that is something I might be inclined to take up with them because it conflicts with what I've seen, and what you yourself said the other day.

I get the feeling that the OP's interest in compensation has led to responses from other forum members which are perhaps missing the point. As I said in the post you replied to, "Nobody suggested going to the FCA about the amount of compensation."

The method for consumers to make a report to the FCA is not obvious - perhaps deliberately so in order that only people who have the enthusiasm to research the issue dilligently will find the method, and the rest will go to the FOS instead.  In case there is lingering doubt in the truth, I'll post a screenshot of the contact form used for making consumer reports to the FCA (it is long, so I'll do it in a separate post).  Alternatively (and encouraged) there is a phone number for consumers to use.  I've done that myself and spoke to a very helpful call handler.

Nasqueron said:

OP has presented no evidence about wrongdoing by any regulated individual or business and is automatically assuming bank staff lied rather than being mistaken

There's no requirement for people posting on this forum to "present....evidence".  In fact if the issue is detailed and specific as it sounds, it would be wise for the OP not to post too much detail as it may lead to the bank linking them to the comments they have made here.

Whether the bank staff lied, or had been incorrectly trained in the importance of accuracy, makes little difference to the consumer.  The result is more or less the same.

As I pointed out previously, it is not for the OP (or us) to determine whether any wrongdoing has taken place.  That is the job of the FCA.  If the OP genuinely believes the bank's actions may involve wrongdoing then there is no reason for them not to make a report and let the FCA make a decision whether they want to investigate further.

What matters here in these posts is whether it is factually correct that consumers - like the OP - can make a report to the FCA.  Hopefully that has now been cleared up.

Section62

Screenshot of FCA contact - highlighting how a consumer can make a report.

booneruk

Section62 said:

Screenshot of FCA contact - highlighting how a consumer can make a report.

Looks to me as if you mean "highlighting how a consumer can ask a question or report a scam"

masonic

I am not sure why this is creating such a volume of discussion. It really is the case that you can contact the FCA to report general wrongdoing that falls within their remit. This can include such things as impersonation of an authorised firm (clone scam), a firm carrying out regulated services without authorisation, or a misleading financial promotion / advertisement issued by an authorised firm (financial services fall outside the remit of the ASA). In fact, I've contacted the FCA in the past about all three of those issues. 

It is also true that the FCA will not enter into an individual dispute between a consumer and a firm, so anyone making such a report should not be under the illusion it will serve their own interests.

TheBanker

Surely anybody can report an issue to anyone? I could complain to the FCA that Greggs are charging too much for doughnuts, or write to Buckingham Palace to express disatisfaction that my nearest ATM has been broken for a week. Neither complaint will be effective - but anyone can make them... 

Hoenir

HillStreetBlues said:

I'd suggest you take it up with the FCA whose own website I linked above specifically and categorically says you cannot take consumer issues (in this case, about level of compensation) to them and to go to the FOS

OP has presented no evidence about wrongdoing by any regulated individual or business and is automatically assuming bank staff lied rather than being mistaken

But the issue is the bank lying, not compensation.  The OP just wants more money to "compensate" the issue.

A representative of the bank lied. The bank itself is a corporate body so doesn't have a voice. In such instances to quote the Chinese approach to such matters. Employees are provided with suitable corrective training.

TheBanker

I think the FCA are interested in systemic and widespread misconduct by banks. I think they will understand that mistakes sometimes happen - and that when they do they should be put right. In this case it seems like the mistake was put right, and the customer has been offered compensation. As noted, the FCA will not get involved in how much compensation is appropriate as that is the role of the FOS. 

So if the OP does write to the FCA, they will probably look at it but unless they have similar reports from other customers (indicating a widespread problem), they are unlikely to do anything. If there are other simiar issues being reported they may raise this with the bank to understand whether there is potential for wider harm, but the OP won't know whether this has happened. In fact if the OP and other complaints have indicated a widespread problem the bank may well have proactively informed the FCA about the issue and what they're doing to put it right.

If it was me, I'd accept the £500. If I was so aggreved by what the bank had done I would move my account - which would make absolutly no difference to the bank but might make me feel a bit better. I'd then use some of the money to take my partner out for a nice meal, and forget about the bank. 

surreysaver

Organisations lie all the time. Whether its to cover up something, for PR purposes, whether its because staff have been mistrained or cannot admit they don't know 

born_again

TheBanker said:

I think the FCA are interested in systemic and widespread misconduct by banks. I think they will understand that mistakes sometimes happen - and that when they do they should be put right. In this case it seems like the mistake was put right, and the customer has been offered compensation. As noted, the FCA will not get involved in how much compensation is appropriate as that is the role of the FOS. 

So if the OP does write to the FCA, they will probably look at it but unless they have similar reports from other customers (indicating a widespread problem), they are unlikely to do anything. If there are other simiar issues being reported they may raise this with the bank to understand whether there is potential for wider harm, but the OP won't know whether this has happened. In fact if the OP and other complaints have indicated a widespread problem the bank may well have proactively informed the FCA about the issue and what they're doing to put it right.

If it was me, I'd accept the £500. If I was so aggreved by what the bank had done I would move my account - which would make absolutly no difference to the bank but might make me feel a bit better. I'd then use some of the money to take my partner out for a nice meal, and forget about the bank. 

Which is exactly why the Account Switching process was set up...

It amuses me when people start a call with "if you do not resolve this issue now, I will move". When there is no hope in solving their problem.

Just wish that as a bank we could simply say OK, who do you want to move to & we will start the process for you. Amazing how many say this, yet years later are still customers 🤦‍♀️