Making a complaint

For expert advice on how to make a complaint about financial products and services,
see the consumer section of the FSA web site.

The regulations that protect your rights vary depending on what product you are buying and whether you have taken advice or not. The main organisations are:

• Financial Services Authority
• Financial Ombudsman.

There are specific organisations for many financial services and products:

• Banks and savings accounts
• Loans and credit
• Insurance
• Investments
• Mortgages
• Pensions.

Financial Services Authority
The Financial Services Authority (FSA) is the regulator for the financial services sector. The FSA:

• protects the rights of the consumer
• gives help and information on the various financial products and services
• promotes financial understanding
• aims to reduce financial crime.

As a consumer, they should be your main point of contact for information.

Financial Ombudsman
The Financial Ombudsman is a free, independent service. Its role is to settle individual disputes between consumers and financial firms, but does not give individual advice.

Banks and savings accounts
These are regulated by the Banking Code Standards Board.

In addition, every bank will have a complaints procedure that you can use. If all else fails, you can take your case to the Financial Services Ombudsman.

Loans and credit
The FSA ensures that banks and insurance companies are sound and trustworthy. If you are borrowing from other lenders check that they are licensed by the Office of Fair Trading.

If you have any problems with these lenders get in touch with the
Trading Standards Office.

Insurance
Your rights depend on which type of insurance you have.

General insurance
If you want to make a complaint, follow the complaints procedure on the FSA website.

If you want to complain there is a complaints procedure and a compensation scheme should the company go out of business.

Life insurance
The Financial Services and Markets Act provides protection when you buy life insurance. A compensation scheme is available from the Financial Services Compensation Scheme (FSCS).

To make a complaint about life insurance, use the complaints procedure on the FSA web site.

Investments
The Financial Services Ombudsman has been set up as a single port of call for consumers with complaints against financial firms including those relating to investments.

Mortgages

To make complaints about mortgages, follow the complaints procedure on the FSA website.

Pensions
Your rights when buying a pension depend on whether you have an occupational or a personal pension.

If you have a complaint, whichever type of pension it is, you will have access to a formal complaints procedure.

If you have an occupational pension, the Pensions Advisory Service (OPAS) will help if you are not satisfied.

If you have a personal pension you can use the complaints procedure outlined on the FSA web site.