When Banks don't Act on FOS Findings
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Just to update everyone that there has been absolutely no movement on this, the compensation was agreed with the adjudicator on 18th December so we are now just over four weeks on from this date. There has also been no communication with FOS since their last email above.
What should I do from here? I am concerned that if it goes to the Ombudsman now it could result in a substantially reduced settlement, on the other side my confidence with the adjudicator is low and I am now sure what she can do.0 -
If you don't want to wait to be contacted you could always initiate contact with the adjudicator to advise that you haven't received anything from TSB and asking what happens next now that the revised deadline has been passed?
No point in being concerned about ombudsman referral as there isn't really anything you can do at this point other than to cave in with a lower counter-offer yourself, which is what the adjudicator seemed to be hinting at - I think she's bluffing and that an ombudsman may well increase the award anyway, based on TSB's repeated intransigence and disrespect for the FOS. I remain convinced that it'll play out better if the case is referred to an ombudsman on the basis that TSB failed to deliver again rather than you choosing to escalate, so it'll be interesting to hear what the adjudicator and, more importantly, her manager have to say on the subject....0 -
If you don't want to wait to be contacted you could always initiate contact with the adjudicator to advise that you haven't received anything from TSB and asking what happens next now that the revised deadline has been passed?
No point in being concerned about ombudsman referral as there isn't really anything you can do at this point other than to cave in with a lower counter-offer yourself, which is what the adjudicator seemed to be hinting at - I think she's bluffing and that an ombudsman may well increase the award anyway, based on TSB's repeated intransigence and disrespect for the FOS. I remain convinced that it'll play out better if the case is referred to an ombudsman on the basis that TSB failed to deliver again rather than you choosing to escalate, so it'll be interesting to hear what the adjudicator and, more importantly, her manager have to say on the subject....
Good points as always. I fear to some extent TSB might argue FOS have not given them enough time. Is there any set time rule by which a bank must act on FOS recommendations?0 -
Not that I'm aware of - the adjudicator claimed to have specified three weeks in both tranches and her manager upped that to four weeks, so if there was an overall set limit (as opposed to case-specific ones) then you'd expect both adjudicator and manager to be aware of it.Good points as always. I fear to some extent TSB might argue FOS have not given them enough time. Is there any set time rule by which a bank must act on FOS recommendations?
I'd also expect that if TSB felt that they needed more time then they'd have reverted to the adjudicator immediately saying that and seeking a finite extension, but if they haven't done that then I don't see that they have a leg to stand on.
Anyway, the ball should be in FOS's court on this so it's up to them to pursue TSB and establish what the current state of play is - as mentioned last week I'm sure that the adjudicator's manager will be wanting to discuss this with her round about now, so it'll be good to understand what his steer is....0 -
I'd sit tight if I were you.Good points as always. I fear to some extent TSB might argue FOS have not given them enough time. Is there any set time rule by which a bank must act on FOS recommendations?
Their last communication asked you to be patient. The longer it takes for them to sort the situation out the worse it reflects on them.
At this stage you need to be thinking about making a complaint about the FOS performance (once the substantive TSB issue is resolved) and the bigger the hole they dig themselves then the more they need to do to explain away your complaint.
The final decision is yours of course, but my reading of the situation is an Ombudsman is unlikely to give you a much worse outcome than that the adjudicator is proposing - and if they do, then you can try to make up (some of) your loss through a complaint about the quality of service of the FOS."In the future, everyone will be rich for 15 minutes"0 -
Trying to make sense of what has happened, below are my summations to date:
- Due to all of the issues on 18th December I expected that following my acceptance of the offer it would result in a fairly speedy turnaround possibly even before Christmas, when this failed I felt the first week of January would sort out this issue.
- I do feel that if FOS contact TSB again they will just claim they need more time.
- Something tells me they have forgotten about this issue.
I am going to wait until Friday and make contact with FOS again, we will be touching five weeks at this stage and I feel this is past the point of any level of reasonableness.
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This is why it's important for the FOS to set expectations, both for you and TSB, by clearly stating in their adjudication that payment must be made by a specific date and that any rejection by TSB needed to have been made by another (or the same) specific date. I can't recall if these dates were ever clearly spelt out in writing.- Due to all of the issues on 18th December I expected that following my acceptance of the offer it would result in a fairly speedy turnaround possibly even before Christmas, when this failed I felt the first week of January would sort out this issue.
They'll possibly ask, but that doesn't mean FOS have to accept any such request! I'd expect that the manager's intervention last week to grant them another week wouldn't have been on the basis that this sets a precedent and that it can just keep rolling on, especially when the adjudicator (presumably under pressure from her manager) has repeatedly been keen to close it off asap.- I do feel that if FOS contact TSB again they will just claim they need more time.
Possibly but unlikely IMHO. As pointed out above, further delay may play into your hands, frustrating though it undoubtedly is.- Something tells me they have forgotten about this issue.
I think that ship sailed long ago! As suggested earlier, personally I'd frame it as advising FOS that TSB haven't paid up rather than chasing as such, although chasing would hardly be unreasonable....I am going to wait until Friday and make contact with FOS again, we will be touching five weeks at this stage and I feel this is past the point of any level of reasonableness.0 -
This is why it's important for the FOS to set expectations, both for you and TSB, by clearly stating in their adjudication that payment must be made by a specific date and that any rejection by TSB needed to have been made by another (or the same) specific date. I can't recall if these dates were ever clearly spelt out in writing.
They'll possibly ask, but that doesn't mean FOS have to accept any such request! I'd expect that the manager's intervention last week to grant them another week wouldn't have been on the basis that this sets a precedent and that it can just keep rolling on, especially when the adjudicator (presumably under pressure from her manager) has repeatedly been keen to close it off asap.
Possibly but unlikely IMHO. As pointed out above, further delay may play into your hands, frustrating though it undoubtedly is.
I think that ship sailed long ago! As suggested earlier, personally I'd frame it as advising FOS that TSB haven't paid up rather than chasing as such, although chasing would hardly be unreasonable....
Agreed with everything you have said, however do you feel this delay by TSB is intentional? I was edging towards giving them the benefit of the doubt in relation to having forgot about it.0 -
No idea to be honest, but I don't think there's any realistic chance of them having forgotten about it!Agreed with everything you have said, however do you feel this delay by TSB is intentional? I was edging towards giving them the benefit of the doubt in relation to having forgot about it.
Apart from their (self-inflicted) heavy workload still arising from tidying up the mess of last April, my suspicion is that the £500 compensation figure (and/or the total once added to tranche 1) will be needing extra internal TSB authorisation, based on last week's comment "your compensation has not been approved by TSB from a senior level as of yet", so it may be that there is some resistance further up the TSB food chain when compared with the normal run of the mill settlements. That's their problem though, and if they felt that they needed more time then they should have asked FOS for it before now....0 -
I've been quietly reading this with interest.
Personally, I would risk the escalation - you might get less (although I suspect that's a threat, not a reasoned opinion), but worst case I doubt it would be much less. But currently you have nothing!Nothing I say represents any past, present or future employer.0
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