Financial Services Ombudsman

The Financial Services Ombudsman is a statutory body set up by the Central Bank to investigate and adjudicate on complaints from members of the public against financial service providers.

If you feel you have been miss-sold a product or the advice provided was improper the first step in making a complaint is to approach the provider directly (a bank, building society, life insurance company, financial advisor etc) and make a formal complaint, this is always best done in writing. Each provider is obliged to have a written procedure to deal with complaints. There is a time frame in which your complaint needs to be dealt with, this should be outlined to you upon receipt of your initial complaint letter.

If the providers internal complaints procedures has been exhausted and you are still unhappy, you are entitled to make a complaint to the ombudsman. They will ask you to outline in writing the nature and substance of your complaint. They will ask the provider for their response to your complaint and may ask to view all their correspondence relating to you as a customer. Again time frames will be outlined as to when you can expect a response.

The Ombudsman can find in your favour, partially in your favor or your complaint may not be upheld. Financial recompense is an option within certain limits. The findings are binding on both parties but can be appealed to the high court by either side.

Naturally your complaint must be valid, for example if you made a risky investment, your advisor briefed you of the risks involved and you go on to lose some or all of your investment, that is not on its own grounds for a complaint. If you go to your bank and ask for a no risk place to put your funds to pay for a child's college education in three years and they end up advising you to invest in a closed, 8 year, geared property fund then your complaint is clearly looking pretty sound.

The complaint process is completely done in writing and there are no costs involved except the time taken to write your complaint. For further info on the FSO and contact details, please see http://www.financialombudsman.ie/

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