If you’ve been let by a personal pension provider, investment manager, financial adviser, bank, building society or finance house which has cost you money, then you may be able to make a complaint and ask for financial redress.

But what happens if the financial company refuses to take responsibility? That’s where the Financial Ombudsman Service (FOS) comes in. The FOS is an independent body that helps consumers resolve disputes with financial institutions when complaints are not handled fairly.

What Is the Financial Ombudsman Service?

The Financial Ombudsman Service is a free, impartial service that investigates complaints between consumers and financial businesses. It is designed to ensure that individuals have a fair chance of receiving compensation or corrections if they’ve been wronged by a financial provider.

When Should You Contact the FOS?

If you have a complaint about a financial product, such as unfair charges on a loan, investment or your pensions, or bad advice or negligence from a mortgage broker for financial adviser, you must first raise your concerns directly with the company involved. They have up to eight weeks to provide a final response. If they fail to respond or you are not satisfied with their decision, you can escalate your complaint to the FOS.

How Does the FOS Process Work?

1. Submit Your Complaint

• You must contact the FOS within six months of receiving the company’s final response.
• Provide relevant details, including account numbers, correspondence, and any evidence of financial loss or mis-selling.

2. Investigation Begins

• The FOS reviews both sides of the complaint, requesting additional information if necessary.
• They will consider industry regulations, contracts, and fairness in their assessment.

3. Outcome and Resolution

• The FOS makes a decision, which can include refunds, compensation, or corrective action by the financial provider.
• If the decision is in your favour, the company is legally bound to comply and pay financial redress.

What Types of Claims Can the FOS Handle?

The FOS deals with a wide range of financial disputes, including:

• Pension Transfers - Poor advice leading to financial loss or being misled about benefits.
• Investment Scams and Mis-selling - Unclear risks, misleading returns, or high-pressure sales tactics.
• Loans, Insurance, Mortgage and Credit Mis-selling - Hidden fees, unfair contract terms, and misrepresentation of agreements.

Pros and Cons of Using the FOS

Pros:

✔ Free and impartial service

✔ Legally binding decisions for firms

✔ No need for expensive legal action

Cons:

✖ Can take several months to resolve claims

✖ Decisions are final – if you disagree, court action is your only alternative.

Get Expert Help Before Contacting the FOS

While you can always submit a complaint to the FOS on your own, navigating financial disputes can be complicated. If you’re unsure about your rights or want professional support, Claim My Loss can handle your case for you. Our legal experts specialise in pension, investment and car finance claims and work on a no win, no fee basis.

Note: If you haven’t heard back following a complaint against somebody, check their company status before applying to FOS, as if they are no longer trading then you will need to consider legal action or possibly a claim via The Financial Services Compensation Scheme (FSCS). Advice on this is included as part of our no-win no-fee service.

Book your free 30-minute no-obligation consultation today and let us help you get the compensation you deserve.