Making a complaint about financial services
Making a complaint
All financial organisations should have a complaints process. This is normally found on their website.
It is better to write to the company than talking on the phone, if you can. The company should give you its final decision within 8 weeks. The decision should explain how it will deal with the problem. There is information about making a complaint on the Financial Ombudsman Service website.
The following ways may help when making a complaint.
Writing a letter of complaint
- Write “complaint” at the top of the letter or email.
- Include details such as the account holder’s name, policy reference or account number.
- Try to be brief and to the point.
- Set out the facts clearly and in a logical order.
- Include a timeline of events if you can.
- Explain what the problem is and what the company could do to resolve the complaint.
- Include copies of any paperwork that may help the complaint.
- Always make a copy of any letters or paperwork sent to the company – it might be needed later.
Complaining over the phone
- Ask for the name and job title of the person who takes the call.
- Make a note of the date and time of all calls.
- Write down details of the conversation for future reference.
- Remain calm, however difficult this may be – staying calm helps get your side of the story across more clearly.
- Try to be brief and to the point.
- Set out the facts clearly and in a logical order.
Other things to think about
Let the business know of any disability (including a cancer diagnosis) or problems communicating verbally or in writing.
Do not expect a response straight away. It may take the company some time to review the complaint and respond to you. But they will usually send you an acknowledgement – this means the company has received the complaint and are reviewing it.
Appealing a decision
To appeal a decision, you can take your case to the Financial Ombudsman Service. You can do this if:
- you are unhappy with the company’s decision
- they have not responded to you within 8 weeks of making the complaint.
The Financial Ombudsman Service is a free and independent service that can help if you have a complaint about a financial product or service. They may be able to order the company to pay you compensation.
There are time limits for complaining to the Financial Ombudsman Service. You must complain:
- within 6 months of the company sending you their final decision
- within 6 years of the event that you are complaining about
- within 3 years of the time that you could have known about the problem.
If you are unhappy with the Ombudsman’s decision, you may be able to take your case to the small claims court. This could be a long and expensive process, and you may not get any money back. For more information on making a small claim, visit the Citizens Advice website in England, Scotland and Wales, or Advice NI in Northern Ireland.
If the company goes out of business
If a financial company goes out of business and owes you money, you may be able to get compensation from the Financial Services Compensation Scheme. Visit fscs.org.uk or call 0800 678 1100.
About our information
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References
Below is a sample of the sources used in our finances information. If you would like more information about the sources we use, please contact us at cancerinformationteam@macmillan.org.uk
Energy savings trust. www.energysavingstrust.org.uk [accessed September 2022].
GOV.UK. Housing costs and Universal Credit. Available from www.gov.uk/housing-and-universal-credit/how-to-claim [accessed May 2022].
Gov.uk. www.gov.uk [accessed September 2022]
Gov.Scotland www.mygov.scot [accessed September 2022]
Gov.Wales. www.gov.wales [accessed September 2022]
nidirect.gov.uk www.nidirect.gov.uk [accessed September 2022].
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Reviewers
Our financial information has been written, revised and edited by Macmillan Cancer Support’s Cancer Information Development team. It has been reviewed by finance, housing and energy experts and people living with cancer. It has been approved by Amanda South, Macmillan Financial Guidance Service Manager.
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