Financial Services Ombudsman - teeth and are they prepared to use them?

kennM

Good evening all,

Quick question.... hopefully..... more of an opinion piece....

Does the Financial Ombudsman have teeth and how often to they bear them? In dispute with bank who are breaking the terms of a contract, trying to understand what type of track record Ombudsman has. A couple of hundred other mortgage holders in the same boat..... Bank refusing to engage directly with customers but have conceded ground somewhat recently to all customers with this type of mortgage, still short of fair but naturally a step in the right direction from our viewpoint.

Cheers all....

source

kennM wrote: »

Good evening all,

Quick question.... hopefully..... more of an opinion piece....

Does the Financial Ombudsman have teeth and how often to they bear them? In dispute with bank who are breaking the terms of a contract, trying to understand what type of track record Ombudsman has. A couple of hundred other mortgage holders in the same boat..... Bank refusing to engage directly with customers but have conceded ground somewhat recently to all customers with this type of mortgage, still short of fair but naturally a step in the right direction from our viewpoint.

Cheers all....

Before the FSO will look at a case you will need to make a formal complaint to the bank and allow them investigate.

Only once the bank have issued a final response will the FSO investigate.

kennM

source wrote: »

Before the FSO will look at a case you will need to make a formal complaint to the bank and allow them investigate.

Only once the bank have issued a final response will the FSO investigate.

Hi Source.... don't worry, we've gone through formal complaint process with bank and complaint is with FSO at present. Just wondering if I can get insight into FSO powers and track record if possible.

gordongekko

kennM wrote: »

Hi Source.... don't worry, we've gone through formal complaint process with bank and complaint is with FSO at present. Just wondering if I can get insight into FSO powers and track record if possible.

Did you try their website?

joeguevara

75% FSO will side with the regulated entity. 15% partially uphold complaint. 10% side with consumer. This looks bad however, FSO has stated that complaints are usually determined appropriately by regulated entity and the majority that go to him don't have substance. However, his office is fair and if there is substance to complaint, based on all relevant facts, will side with the consumer.

hullaballoo

Just a word of warning on this. If you engage with the FSO, your right to appeal is limited.

A solicitor will advise you in relation to your options.