If you’ve been mis-sold financial products such as car finance, investments, or pension transfers, you have the right to seek redress. There are many reasons why you may be due compensation, from unfair contract terms to hidden fees and misrepresentation.

Whatever the reason, the starting point is always to complain directly to the company involved. Here’s a step-by-step guide to understanding the process and making a claim yourself:

1- Contact the Company Directly

Before escalating your complaint, you must first raise the issue with the financial provider. Follow these steps:

• Find the correct department – Check the company’s website for their complaint’s procedure or customer service details.
• Submit your complaint in writing – This ensures a clear record of your grievance. Use email or a formal letter.
• Include key details:
  • Your full name, account/reference number, and contact details.
  • A clear description of the issue, including relevant dates and supporting documents.
  • The resolution you seek (refund, compensation, correction, etc.) and how you expect the claim to be calculated.
• Keep records – Save copies of all correspondence, including responses from the company.

Helpful Tip: Financial Services claims can be time barred so it is important that if submit a valid complaint as soon as possible.

2- Allow Time for a Response

Financial companies have up to eight weeks to provide a final response. If they fail to respond or their reply is unsatisfactory, you can escalate the complaint further.

3- Escalate to the Financial Ombudsman Service (FOS)

If the company does not resolve your complaint, take it to the Financial Ombudsman Service (FOS), which offers a free and independent investigation. Remember, you must escalate within six months of the company’s final response.

4- Consider the Financial Conduct Authority (FCA)

The Financial Conduct Authority (FCA) regulates financial firms but does not handle individual complaints. However, if there is widespread misconduct, they may investigate and take action.

5- Legal Action as a Last Resort

If the Ombudsman does not rule in your favour, you may consider legal action, such as using the Small Claims Court for lower-value disputes. However, legal processes can be complex and time-consuming. Remember that for Small Claims Court disputes, you can’t be on the hook for opposing fees. The company can bring a small claim themselves but unless it was a malicious claim they are unlikely to win.

Get Expert Help with Your Financial Claim

Handling a financial complaint alone can be overwhelming.

You don’t have to undertake this on your own. At Claim My Loss, our experienced legal team can assess your case and manage the claims process on a no win, no fee basis. This means you don’t pay unless we win your case.

Don’t let financial institutions avoid accountability. Book your free 30-minute consultation today.

Want more information? Read more about the Financial Ombudsman Service (FOS) here and the Financial Services Compensation Scheme (FSCS) here .