Firm and Financial Ombudsman claims: getting redress from a firm that is still trading
Getting redress from a firm that is still trading
No win, no fee. Free initial assessment. We do the work while you get on with your life.
If a financial firm has treated you unfairly and it is still trading, you do not need the compensation scheme. You have a free, independent route: you complain to the firm, and if you are not happy with its answer you take it to the Financial Ombudsman Service, which can order the firm to put things right. That is called redress, and it is different from FSCS compensation, which only applies when a firm has failed.
People often feel awkward about complaining, or assume a big firm will simply bat them away. It is worth remembering that the Ombudsman upholds a large share of complaints, and some very well known firms have set aside millions for clients who were let down, from a string of ongoing-advice redress schemes to the car finance redress scheme. You are not being difficult by asking for what you are owed.
Not sure this is the right route?
- If the firm has failed (in default, liquidation or dissolved), this is not an Ombudsman matter. Go to FSCS claims instead.
- Want to know if the firm involved has already been reported on? Check our claims by company directory.
- If your complaint is about a pension scheme’s administration (delays, miscalculations), see Pensions Ombudsman claims.
How a Financial Ombudsman complaint works
The route is the same whether you do it yourself or ask us to handle it.
Complain to the firm
You must give the firm the chance to put things right first.
Wait for a final response
The firm has up to eight weeks to give its final response.
Escalate to the FOS
If you are unhappy, or eight weeks pass with no reply, refer it to the Ombudsman, normally within six months of the final response.
The FOS investigates
An independent investigator reviews both sides and reaches a view.
Decision and redress
If upheld, the Ombudsman can order the firm to pay redress, often with interest.
What to watch out for
The eight-week rule and the six-month deadline.
You have to complain to the firm first, and once you have its final response you generally have six months to take it to the Ombudsman. Miss that window and it gets much harder.
Redress is not always what it once was.
The interest added to Ombudsman awards has been under review, so the value of an award can move over time. We keep an eye on this so your expectations are realistic.
Going direct is free.
You can complain to the firm and the Ombudsman yourself at no cost. Our role is to do the work for you, on a no win, no fee basis, when you would rather not take it on alone.
Not every shortfall is a scandal.
Some cases, like missed annual reviews under an ongoing-advice service, are control failures a firm is putting right. They are still valid, and you are still owed what you paid for.
When the Ombudsman is not the end of the road
If the Ombudsman rejects your complaint, or your losses are larger than it can award, court action may be an option. It is more involved and carries costs and risk, so it is worth reading going to court with a claim if your complaint is rejected and our Court and legal claims page before deciding. We will tell you honestly which route gives you the best chance.
Frequently asked questions
The Financial Ombudsman handles complaints about firms that are still trading and can order them to pay redress. The FSCS pays compensation when a firm has failed. If your firm is out of business, see our FSCS claims page.
Complain to the firm first. Once you have its final response you normally have six months to refer the complaint to the Ombudsman. There are also longer-stop time limits, so do not leave it.
It can direct the firm to put you back in the position you would have been in, often with interest. The aim is to undo the loss, not to punish the firm.
No. The Ombudsman is free to use directly. We offer to handle the whole process for you on a no win, no fee basis if you would rather not do it yourself.
Not sure which route is yours?
Higher awards, but cost and risk apply
Talk to us about your complaint
If a firm that is still trading has let you down, have a free, no obligation conversation with us. We will tell you honestly whether you have a case and handle it for you if you want us to. Call 0800 041 8359 or make an enquiry.
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Talk to us about your claim
Free, no obligation. Call 0800 041 8359 or make an enquiry.