Having never defended a complaint at the Financial Ombudsman Service and only helped clients with, I think, three complaints in my life, I thought now that Fos publishes anonymised decisions on its website, it was appropriate to read some decisions and come to a conclusion whether I agree with them.
Having read those related to investment advice, I was broadly in agreement with the Fos decision on the vast majority.
Looking at the banking ones, I am inclined to agree with the Fos decisions too. Some of the banking complaints are so petty or vexatious that there is clearly, in any reasonable person’s mind, an argument that there should be a case fee for both parties, not just the defending firm.
People should not be put off complaining, but even a case fee of £20 would at least mean people would be required to put their money where their mouth is. Banks owned by the taxpayer are defending these vexatious complaints, resulting in a fee of several hundred pounds, win or lose, on these spurious attempts at betterment.
Phil Castle
Financial Escape
Ramsgate
Kent
