Your Experience with the Financial Ombudsman Service

[di30]

I thought I would start this thread, hope that's okay? :tinysmile_twink_t2:

Talking to our Victoria, it seems many have had issues, maybe you have had a good straight forward case, maybe you have not, but either way please share your experience with us.

It appears to be more on the financial business side going by many posts recently.

I have had a few cases in with the FOS over the years, and the earlier years it did seem more straight forward, yet a recent case didnt prove that, as in my case my information was used against me of what I sent in, it did look like that but then 3 adjudicators later and then the Ombudsman I dd end up with having this case partly upheld, but I was not happy with the service, not this time!

However, yes I understand they have more complaints than ever to deal with than before, but rules are rules, they have them so should use them in an impartial way!

Please for anyone who have ever gone to the FOS please feel free to share your own experience.

Thank you.:tinysmile_twink_t2:

[Fred]

Re: Your Experience with the Financial Ombudsman Service

My name is Christine O’Brien-Raymond and I am a manager in the area that dealt with your case. I know you have sent several emails to Mr R which he has passed to me. I have read that you are unhappy with the ombudsman’s decision, and I can see you feel very strongly about it.
my role
As a team manager I can look at how we handled your compliant. I will not however be able to comment or discuss the outcome reached by the ombudsman or the evidence he has used to come to his decision. So my response will concentrate on the points I can answer. The following link provides more information about how we handle complaints about our service. http://www.financial-ombudsman.org.uk/publications/factsheets/complaints-about-our-service.pdf if you can't access it then please let me know.
how our service works
You have asked about how our ombudsman work and what rules we work to. Our ombudsman look at both sides of the story. And it’s their role to come to a fair decision and be honest. They make their decisions based on the facts that they see. Our service does not regulate the industry, we look at cases on an individual basis. You can find more information about how we have been set up and the rules we follow here http://www.financial-ombudsman.org.uk/about/official-documents.html Both sides have the opportunity to put forward their thoughts and evidence before the ombudsman reviews the case. I am satisfied that we followed this approach in your case.
the ombudsman’s decision
I know you have commented that the decision was not accurate as it said the interest rate applicable to the loan has been increased and decreased at various times. I have spoken to Mr Bacon regarding this and he agrees that it is the case that the rate only increased and he passes on his apologies. However this was not a material fact of the case and so had no impact the outcome he reached.
You have raised concerns about the ombudsman’s decision not reflecting your views. It may be helpful if I explain the ombudsman will have taken into account all the points you have raised and the information you have provided, but their written decision may not always deal with every issue point by point. The ombudsman will focus on those points that they think are crucial to their reasoning.
publishing our decision
You have said that you do not want us to publish our decision in its current form as it is incorrect and it does not reflect your views. The decision on your case will be published as we are now required by law to do so. I appreciate your concerns, but we have to follow the law when it comes to our decisions being published. As you are aware all information relating to you will be removed from these prior to the decision being published.
the district court ruling
You have emailed today about a recent district court ruling. The court order you have provided us with was drawn up on 22 October and was not available to Mr Bacon when he made his decision. In any event, the order was made by a County Court District Judge and does not have to be followed by this service. It is not binding on other County Court judges and it may be subject to appeal. As I explained earlier we look at cases on an individual basis, looking at the facts we have.
the ombudsman’s decision is final
Mr Bacon’s decision is the end of the matter as far as we are concerned and no ombudsman, however senior, can overturn another ombudsman’s decision. So it is not possible for us to consider your case against Firstplus further. We have recorded that you do not accept Mr Bacon’s decision and so you are free to pursue the matter, yourself, in the county court, if you wish to.
I appreciate my email doesn’t give you the answer you wanted but I hope my further explanation has been helpful.
Yours sincerely

Christine O'Brien-Raymond
-----------------------------------
Not interested in UTCCR or CCA 140 unfair relationship regs............it was pointed out to them as well as the reprimand that should have been communicated with them by the OFT on the said company......

The fundamental part of this complaint which was based on fact not just opinions was/were increases in interest rates charged & associated fair play. The fact that they post this result on their web site stating the rates varied up/down when they did not says it all really & people reading will get the complete wrong impression, they should have referred this to the regulators & done the right thing & refused to rule on it because they contradict or refuse to consider the implications of applying regulatory terms.

They are quite simply not up to it & by some amazing coincidence they rule in favour of the lender 100% on this subject this given they treat each of the hundreds of rip off cases individually, the law of averages says at least one would get through.

[dogtired]

Re: Your Experience with the Financial Ombudsman Service

Had a few, gone both ways.
Barclays, overturned adjuicator said that Barclays had acted incorrectly.
Halifax upheld adjudacator and that they had acted correctly I rejected that one.
Bank of Scotland two with them one of which had been sold to Cabot and despite letters and proof that Cabot were wrong rejected my complaint ( Cabot gave up in the end.)
The second I am still waiting for as they decided they did not deal with DCAs the sdjudicator appeared not to know their own rules.
So it seems its " The Luck of the Draw"
They do appear to side with the banks for a lot of the time and , as consumers, we seem to have little choice.
If it were not for sites like LBs we would have nowhere.

[Fred]

Re: Your Experience with the Financial Ombudsman Service

On a slightly different note the FOS ruled in 2008 that the loan provider in an unregulated agreement should not use the "rule of 78" in such an agreement for the purpose of redemption calculations & recommended a written undertaking to;

Should one wish to pay a settlement figure early then that figure will be calculated by taking the amount of the loan at the time outstanding together with any validly accrued interest & charges, less any capital which has been repaid up to the settlement date.

The above resulted in a figure for redemption of half that of the original argued........albeit it took over 12 months to get a response from the provider & the FOS ruled without their further input plus awarded compensation to the consumer.

The decision was based on a case "Falco Finance Ltd vs Micheal Gough..........in "it has its advantages with regard to the shorter term loans but as far as a loan of this character is concerned it can lead to very severe injustices"

Just how many people have paid this without question & moreover how much is involved ?................one of the better ones from the FOS

[Fred]

Re: Your Experience with the Financial Ombudsman Service

http://www.ombudsman-decisions.org.uk/Default.aspx

For any body interested they can put in the dates & company details for FOS decisions...............some of it is good reading...........opinions reserved for some of the others.

[Fred]

Re: Your Experience with the Financial Ombudsman Service

FOS on facebook;

https://www.facebook.com/pages/Finan...436?sk=reviews

[Fred]

Re: Your Experience with the Financial Ombudsman Service

This guy has a point to make perhaps:

http://www.moneymarketing.co.uk/opin...012901.article :tinysmile_twink_t2:

[di30]

Re: Your Experience with the Financial Ombudsman Service

Thank you Fred, I have just also posted a comment on the FB account of the FOS site, cheers....:tinysmile_twink_t2:

[Fred]

Re: Your Experience with the Financial Ombudsman Service

Another little link:

http://www.bbc.co.uk/news/business-28063074 aw:

[Fred]

Re: Your Experience with the Financial Ombudsman Service

Just one more from defensive FCA :beagle:

http://www.professionaladviser.com/p...ecision-making

[di30]

Re: Your Experience with the Financial Ombudsman Service

Excellent thanks again Fred x :tinysmile_twink_t2:

[leclerc]

Re: Your Experience with the Financial Ombudsman Service

I took a case to the FOS with my brother and credit card charges and technically lost(in the sense that I couldn't get them to up the compensation offered). However, in financial hardship stuff, I have posted what an ombudsman told me from a discussion I had with them and it meant that I understood more about why certain cases did not win when I had previously believed that they would do.

I have seen bad cases going to the FOS and good cases going there and some people do ultimately get what they deserve

[Victoria27]

Re: Your Experience with the Financial Ombudsman Service

Thank you very much.
Very interesting and useful information.
My dear Di, I am so glad you started this very important thread, after we talked.
Well done, excellent!
Thank you, everyone. We need to look into it. Your posts are very helpful for everybody.


My personal experience at that stage is limited to my telephone conversations with different representatives of the FOS.
Though some of my cases were referred to the Ombudsman, luckily I went back to the businesses myself, emailing to their CEOs, and everything was eventually resolved without the FOS involvement.
The FOS representatives were very helpful on the phone, demonstrated support and understanding.


I must admit, that I did have my MP also involved, and the FOS representatives were aware of it. They approved of my approach, I told them my side of the story, and they seem to try to help.
They called me to follow up the progress of my case, knowing that I continued with the business myself, though my case was filed with them as well.
I would not know what would have happened, should my case not being sorted out between the business and myself and if it did go to be investigated by the Ombudsman.


It seems like in the past I heard of much more favourable decisions for complainants, while now I read more and more posts about cases not being upheld and where the Ombudsman supported businesses.
The jury is still out.


Thank you very much again.
I think it is very important for everybody if we continue to share our experiences.


I am sorry I cannot contribute as much as I'd love to do, because of my personal experience is so limited.


However, at least, I will be sharing my thoughts and ideas, if it is ok.


Victiria

[marshallka]

Re: Your Experience with the Financial Ombudsman Service

My experience of FOS is that sometimes they do not know as much as we do AND they always take the word of the FIRM where brokers are concerned even when so many don't even remember using a broker. ALL firms could say they were sold by an unregulated broker and FOS would just accept without first doing a thorough investigation into this. Its hardly fair as often the firms should be disadvantaged in who is telling the truth or not as they we wouldn't all be reclaiming for needless policies sold by greedy lenders/insurers/brokers. We that are told we used brokers actually rang the lenders direct and as far as we knew we were dealing only with the lender. Its only after the PPI reclaiming came into the media that we are now told we used a broker and most have now gone bust conveniently.

FOS are biased is mj view. In fact when they say to you that they will try the underwriter and its takes years for them to tell you there is no relationship between the lender, broker and insurer it could be seen as hindering your claim in the courts because the courts will often use the limitations act. It all seems very fishy and very calculated I would say.

[Victoria27]

Re: Your Experience with the Financial Ombudsman Service

Thank you very much, Marshallka.

I just found on MSE a thread, which is in line with what you say.

http://forums.moneysavingexpert.com/....php?t=5040202

V