Raisin and FOS

newbieni

I have some savings with Raisin, however, I've had an issue with them recently and they have admitted problems on their side, specifically around me being unable to access my account. When I went to FOS they said Raisin was outside of their remit, why is this?

DullGreyGuy

newbieni said:

I have some savings with Raisin, however, I've had an issue with them recently and they have admitted problems on their side, specifically around me being unable to access my account. When I went to FOS they said Raisin was outside of their remit, why is this?

https://www.raisin.co.uk/customer-care-complaints/

According to them you do have recourse to the Financial Ombudsman. When you got the final response from then to your complaint did the bottom of the letter state you could go to the financial ombudsman?

As they are a platform rather than a bank themselves it may be that some of their services are regulated and others arent. What was the nature of the issue? Was the issue really with Raisin or the underlaying provider?

grumpy_codger

That's odd because Raisin say: "In exceptional circumstances, if we cannot provide our final response to you within 15 business days then within 35 business days of receiving your complaint we will provide you with our final response. If we are not in a position to provide a final response to you within 35 business days we will explain to you why, and inform you of your rights under the Financial Ombudsman Service. "

So, have they provided you with their final response and informed you?
That said, what exactly do you want to achieve by complaining to the FOS?

masonic

"The Financial Ombudsman Service may be able to consider a complaint about this firm. If this firm fails to deal with your complaint properly, you can ask the Financial Ombudsman Service to help. But it may not be able to consider complaints about all the firm’s activities. The Financial Ombudsman Service has the final decision as to whether or not it will consider a specific complaint."

https://register.fca.org.uk/s/firm?id=0014G00002wQdaHQAS

So it would be helpful to understand more about the nature of your complaint and whether it relates to a regulated activity Raisin is involved with. The only permission it has is in the provision of payment services. As others have suggested Raisin might not be the correct firm to target for your complaint.

newbieni

masonic said:

"The Financial Ombudsman Service may be able to consider a complaint about this firm. If this firm fails to deal with your complaint properly, you can ask the Financial Ombudsman Service to help. But it may not be able to consider complaints about all the firm’s activities. The Financial Ombudsman Service has the final decision as to whether or not it will consider a specific complaint."

https://register.fca.org.uk/s/firm?id=0014G00002wQdaHQAS

So it would be helpful to understand more about the nature of your complaint and whether it relates to a regulated activity Raisin is involved with. The only permission it has is in the provision of payment services. As others have suggested Raisin might not be the correct firm to target for your complaint.

Yes, Raison referred me to FOS.

There were essentially two issues:

1. Raison sent me a number of emails that did not relate to me, I was concerned that my account was compromised, it initially denied sending the emails and then admitted that they were sent in error.
2. The next issue was that they locked my account in error for several weeks which partially delayed me being able to access my funds. Eventually then issued an apology and admitted that there was an error on their side. 

masonic

As quoted above the FOS has the final say on whether a complaint falls within payment services or not. It looks as though this was around misdirected emails and subsequent removal of access to the platform, so could be argued there was not a relevant money transfer associated with the issues as they were not instructed until after you regained access. It was worth a try, as being unable to instruct them to process a withdrawal might have been seen as bringing the issue into scope, but clearly the FOS didn't agree.