‘The financial ombudsman is letting us down’ – campaigners call for overhaul

Industry News | 05/11/19

A system that forces consumers who have been let down by firms to wait months before their complaints are resolved needs to be overhauled, campaigners have said.

Money guru Martin Lewis of Money Saving Expert, Britain’s biggest consumer site, said the complaints timescale that forces consumers to wait up to eight weeks before they can escalate their formal complaints against financial services firms to the national arbiter, the Financial Ombudsman Service (FOS), should be shortened to four weeks at the most, amid a wider call for waiting times at all the major mediators to be reduced.

There are worries such a lengthy complaints procedure means consumers’ worries are not being dealt with quickly enough to avoid people being left out of pocket.

Source: The Telegraph