Making a financial complaint yourself is straightforward, but a few common mistakes can slow things down or make the process more stressful. This guide covers what to watch out for.
General information only. Not legal or financial advice. AskFin is not a claims management company.
Mistake 1: Not complaining to the firm first
The Financial Ombudsman Service will only consider complaints that have already been through the firm's own complaints process. You must complain to the firm first and give them up to eight weeks to respond before going to the FOS.
Mistake 2: Being vague about what you are complaining about
A complaint that clearly states what happened, when it happened, what you believe went wrong and what you would like the firm to do is easier to resolve. Vague complaints are harder to respond to and may result in the firm addressing the wrong issue.
Mistake 3: Missing time limits
If you want to refer a complaint to the FOS, you generally have six months from the firm's final response to do so. There are also absolute time limits — generally six years from the event, or three years from when you knew or should have known about the issue. Do not leave it too long.
Mistake 4: Not keeping records
Keep copies of everything — your complaint letter, the firm's responses, any documents you submit and any reference numbers given. If you need to escalate to the FOS, good records make the process much simpler.
Mistake 5: Expecting an outcome that may not be realistic
Not every complaint results in compensation. The FOS assesses what is fair and reasonable based on the facts and the rules that applied at the time. Going into the process with realistic expectations is more useful than expecting a specific outcome.
Mistake 6: Paying for help before checking free options
Claims management companies charge fees. Citizens Advice, MoneyHelper, the FOS website and FCA guidance are all free. Check free options first. You may find everything you need without paying anything.
Mistake 7: Signing up to a claims company without reading the agreement
If you do decide to use a claims management company, read the fee agreement carefully. Understand exactly what percentage they will take, whether there are any additional fees, and what the cancellation terms are. FCA-authorised companies are required to tell you that you can complain for free before you sign.
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AskFin is not a claims management company. This guide is general educational information only.