Banking

Overview

Most people have a bank account and some are forced to make a complaint or enter into a consumer dispute with their bank. You should always start by raising your complaint using your bank's internal complaints procedure, a copy of which may be obtained from your bank upon request. After receiving your complaint, your bank should investigate it within a reasonable amount of time or within any timelines set by their own procedure. Your bank will then inform you of their decision.

Banks who have signed up to the Banking Code should not close your account, or threaten to close your account, just because you have complained about them. The Banking Code sets out minimum standards of service for banks, building societies and credit card companies providing personal banking services to their customers. A bank, building society or credit card company doesn't have to sign up to the Code, but if it does, it must follow the Code's standards of service. Most of the larger banks and building societies have signed up to the Code. You can get a list of the banks and building societies which have signed up to the Banking Code, as well as a copy of the Code, from the website of the Lending Standards Board.

If you've gone through the whole complaints procedure and things haven't been sorted out in the way you would like within eight weeks, you can make a complaint to the Financial Ombudsman Service (FOS). You may be able to do this sooner if the bank sends you a letter of deadlock before the eight weeks is up. This is a letter which tells you there is nothing more the bank or building society can do to sort out your complaint.

You must complain to the Ombudsman within six months of getting the letter of deadlock, or from the end of the eight week period, if you don't get a letter of deadlock.

Financial Ombudsman Service

The FOS's job is to settle individual complaints between consumers and businesses providing financial services, such as banks. The FOS can look at complaints about a wide range of financial matters – from insurance and mortgages to investments and credit.

If you have a complaint with your bank that cannot be settled then you may refer it to the FOS. If your bank is regulated by the Financial Services Authority, is based in the United Kingdom and the act or omission of the bank has resulted in your financial loss then you may ask them to conduct an independent review of your complaint free of charge.

The FOS aims to settle most disputes within six to nine months. Consumers are not forced to accept any decision that the FOS makes and may take their complaint to court if appropriate.

After reviewing your complaint, the FOS may take the following action:

a) Uphold it and order matters to be put right

b) Reject it in favour of your bank

Matters that the FSO can consider

The FSO can consider complaints in relation to most financial matters such as:

• Bank accounts
• Insurance
• Mortgages
• Pensions
• Savings and investments
• Credit cards and store cards
• Loans and credit
• Hire purchase and pawnbroking
• Financial advice
• Stocks, shares, unit trusts and bonds

Please note that the FOS cannot deal with complaints that are purely in relation to customer service and you must have incurred a financial loss that is the direct or indirect fault of the bank.

Contact

The Financial Ombudsman Service

South Quay Plaza

183 Marsh Wall

London E14 9SR

You may use the following numbers 9am - 5pm, Monday to Friday:

• Switchboard: 020 7964 1000
• Calls from outside the UK: +44 20 7964 1000
• Fax 020 7964 1001