Banking - Incorrect transaction occured

If you notice incorrect transactions on your account, or are concerned that there has been fraudulent activity, immediately call your bank or building society and ensure that your card is blocked and that any suspect payments are stopped. Your bank or building society must offer a method for you to report this at any time. If there has been any unauthorised withdrawal from your account, raise this at the same time or as soon as you notice it. Your bank or building society should reimburse you for the money immediately. 

Your liability is capped at £50, unless you have been fraudulent or negligent in your actions. Once you have told the bank or building society, you are not liable for any fraudulent transactions. If they reject your case, use resolver to make an official complaint; if it remains unresolved, resolver will remind you when to raise your case to the ombudsman.

You should know

• Any financial organisation is obliged to treat you reasonably. If you feel that any action has been unreasonable, you have the right to make a complaint.
• Ensure that any complaint is marked at the top with ‘Official Complaint’. After eight weeks you can take your complaint to the Financial Ombudsman – Resolver will remind you when you can do this.
• Your bank or building society might not respond back via Resolver; however, any case submitted by Resolver is recognised as an official complaint by the Financial Ombudsman, and your case will be accepted if you are unsatisfied after eight weeks have passed. 
• If you have a packaged bank account complaint, you can raise this separately via Resolver.
• You have the right to claim for your time and the inconvenience caused if your case goes to the Financial Ombudsman Service; it can also award interest at 8%, but this will not be compound interest. 

If you have a complaint with your bank or building society, you can use Resolver to raise and manage the complaint. While not all financial organisations will respond to Resolver, they are obliged to take and handle your complaint when it is submitted via Resolver. To ensure that your issue is taken seriously, the email template you can use includes the text ‘this is an official complaint’.  This means that, if you are not satisfied after eight weeks, Resolver will remind you that you can escalate your complaint to the Financial Ombudsman Service. 

Reasonable & fair

All financial organisations in the UK are required to treat you fairly, and to ensure that their actions are reasonable. These are the key principles for any financial product, so ask your friends or family member for their opinion on whether you have been treated fairly – this is a good way to determine if you have a reasonable complaint.

Discrimination

Discrimination is unacceptable as part of the reasonable and fair approach; if you have experienced discrimination, you have the right to make a complaint. 

Is it your bank or building society’s fault?

If your cash card being retained by a cash machine, you need consider whether the machine was operated by your own bank. If it was not, then while you will still need to contact your bank, the issue cannot be deemed to be its fault. 

What you cannot complaint about

Issues such as an investment losing money are not covered by the Financial Ombudsman Service, unless you were not made aware of the risk. 

Should I use a Claims Management Company?

Claims Management Companies (CMC) will handle a complaint for you in certain areas, such as Payment Protection Insurance (PPI). A CMC will charge you a fee, which is often between 30% and 40%. However, following the complaints process is something that can be done yourself, and it is unlikely that you will get a better result from using a CMC than by going directly to the company yourself. 

Raising a complaint

If you have a complaint, first ensure that it is reasonable; if you believe that it is, you can use resolver to submit your issue. Any complaint from Resolver is an official complaint, and the bank is therefore obliged to act upon it; if it’s not resolved, you can take your case to the Financial Ombudsman Service. 

In your complaint, ensure that you state your issue clearly and concisely, give information about when the problem happened or began, and say how you would like it to be resolved. The bank or building society may or may not respond back via Resolver, but it does have to respond, as your case will be recognised by the Financial Ombudsman Service. 

Managing your case 

During your complaint you can use Resolver to manage your issue: you’ll be able to upload documents, store emails, set reminders and make notes about your case so that you have a complete file to send to the ombudsman. 

If your issue is not resolved

If you feel that your issue has not been addressed, Resolver will remind you when you can escalate your case to the ombudsman: this is possible after eight weeks. 

From which date can I make a claim?

The statute of limitation in England and Wales is six years; in Scotland it is five years. In theory you can make a claim that dates before this, but the probability of winning is considerably reduced. 

You must also contact the Financial Ombudsman Service within six months of your last communication with the financial organisation. 

Financial Ombudsman Service

The Financial Ombudsman Service will independently assess your case. There is no charge to the consumer for the assessment, but you must wait eight weeks before you can take your case to the ombudsman. An exception to this is if the issue relates to a payday loan, in which case the ombudsman will accept your case immediately, to ensure that you do not experience hardship.

Can I claim for time and hassle?

There is an award in a quarter of cases that are assessed by the Financial Ombudsman Service. The compensation guidelines state an allowance of £50 to £100 per day, and no more than £10 per hour. Be sure to keep records of the time that you have spent handling your case.

Financial Ombudsman Service decision 

The ombudsman will make a decision on your case and provide an outcome that is binding on the company. You can choose whether to accept the decision. 

If the decision is held in your favour, and you are awarded financial compensation that relates to miss-selling, you will be awarded interest at 8%. This is not compound interest, so you will not receive interest on the interest. 

Packaged bank accounts

If you think that you have been mis-sold a packaged bank account, you should select the Packaged Bank Account section of Resolver. 

Payment Protection Insurance Claims

If you think that you have been mis-sold Payment Protection Insurance (PPI) you should read Moneysavingexpert’s comprehensive guide on how to make a claim. This is not something you can currently raise a complaint about via Resolver, but it is something that will be added later in the year. 

If you are still not happy

If you are dissatisfied with the outcome, you could consider switching bank or provider. The final option would be to take the bank to court; you should get expert legal advice before taking this route.

Bank goes bust

If your bank or another financial firm goes bust, you might be able to claim compensation via the Financial Services Compensation Scheme. You are limited in the amount that you can claim - these limits are:

• Deposits: £85,000 per person per firm
• Investments: £50,000 per person per firm
• Home finance (mortgage advice and arranging): £50,000.

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