Below you will find the answers to the most common questions you might have. If your question is more specific use the Quick Contact From on the right.
While many people have the financial know-how and confidence to make a complaint direct to their bank, insurance company or financial adviser, there are some people who have neither the confidence, time, nor inclination to do so.
For many people, financial matters can be complicated, especially if things go wrong and they do not perhaps fully understand why. They may have never complained about a financial product before or are unsure how to present their case or what to say. On the other hand, the bank, insurance company or financial adviser they want to complain about will have substantial experience of handling, and rejecting, claims for compensation.
Expertise when you need it most
This is where The Financial Complaints Bureau can help you. We provide an unbiased, independent and efficient financial claims management service to UK consumers. We help our clients win compensation if they have received unsuitable financial advice or been mis-sold a financial product.
We have considerable experience in the financial services industry and are specialists at claims regulation and negotiation, and can add real financial knowledge to your claim. If we think you have a valid claim, we can navigate our way through the many rules, regulations and principles upon which the financial services industry is based to reach a successful outcome for you.
No Win, No Fee
We will initially assess the basis of your claim free of charge. If we think you have valid grounds to claim compensation, we’ll use our financial claims expertise to win you compensation on a ‘No Win, No Fee’ basis. If your claim isn’t successful then there are no charges of fees for you to pay. It’s the easy, risk-free way to claim.
There’s nothing for you to pay until your claim is won and compensation settled.
Professional, quick and efficient service
We’ll respond to your initial enquiry to us quickly, guiding you through the assessment and claims process. We’ll deal with the business you are complaining about and handle all the paperwork for you, making your claim for compensation easy and stress-free.
What this means is that unless we are successful in winning you compensation, you don’t pay us a penny. It’s that simple. There are no hidden fees, costs or up-front charges for you to pay. There’s nothing for you to pay until your claim is won and compensation settled.
We’re able to offer this simple and clear fee structure because we’re confident of a successful outcome on the claims we accept. After receiving your initial enquiry we will quickly assess whether, in our opinion, your claim for compensation is likely to succeed. If so, we’ll let you know and start your claim for compensation immediately.
We will not accept claims for compensation where we consider there is no reasonable prospect of winning or there are no grounds for a valid complaint. If we consider this applies to your claim, we’ll let you know.
What is the fee if my claim is successful?
If we are successful in winning you compensation then our fee will equate to 25% of the total compensation payment or monetary benefit we win on your behalf (inclusive of VAT).
However, some people have neither the time, confidence or inclination to pursue a claim themselves, particularly if it involves a complex financial product. Some people may have never complained about a financial product before or are unsure how to present their case or what to say to their bank, insurance company or financial adviser.
This is where The Financial Complaints Bureau can help you. We have considerable experience in the financial services industry and are experts at claims regulation and negotiation. If we think we can help you, then we’ll add real financial knowledge to your claim and fight hard to win you the maximum compensation possible.
Our service is provided on a ‘No Win, No Fee’ basis, so unless we are successful in winning you compensation you don’t pay us a penny. It’s that simple. There is nothing for you to pay until your claim is won and compensation settled.
Starting your claim and initial assessment
As soon as we receive a completed Claim Pack we’ll assess the information you have provided.
If we’re satisfied we have enough information to start your claim we’ll do so and let you know. We’ll write to the financial business setting out the basis of your claim and, using our expertise, explain why we consider you are are the victim of mis-selling are entitled compensation.
However, if we decide we need more information from you after receiving the Claim Pack, we’ll let you know. This may involve you providing some additional information to us over the phone or us writing to a third party – such as your policy provider.
It’s important that we get all the facts at the start of the claims process. If we miss something important and rushed into starting a claim without knowledge of all the facts, it could cause problems for you later on. Getting the right outcome for you is important to us so we won’t rush into making a claim if we haven’t got all the information we think we need.
Once we’re satisfied we have all the information we need, we’ll write to the financial business setting out the basis of your claim and to explain why we consider you are entitled to compensation.
Receipt of the claim
Once the financial business receives our claim letter it has up to eight weeks in which to complete its investigation process and issue its final response to us either rejecting or upholding your claim for compensation. This eight week time limit is stipulated in the Financial Service Authority’s dispute resolution rules, which regulated businesses have to comply with.
If no final response is received within eight weeks and the financial business has not provided a good reason for this, we will present your claim to the Financial Ombudsman Service and explain why we consider your claim should succeed. This will be at no extra cost to you.
Financial Ombudsman Service
If your claim is presented to the Financial Ombudsman Service it is likely to take another several months at least until it is able to assess the matter. Unfortunately, the delay in the Financial Ombudsman Service dealing with your claim is outside of our control and our involvement will not speed up your claim.
Keeping you updated
We promise to keep you regularly updated about your claim by e-mail so you know exactly where you stand.
If we are successful in winning you compensation our fee will equate to 25% of the total compensation payment or monetary benefit we win on your behalf (inclusive of VAT).
So, for example, if we recover £1,000 compensation on your behalf, our fee will be £250. You would receive the balance of £750. There are no hidden costs. Our fee structure fully covers the cost of us handling your claim from start to finish including referral to the Financial Ombudsman Service, if appropriate.
The compensation payment you receive
Depending on the type of financial product or service you are complaining about, the compensation payment we recover could take several forms other than a cash payment.
For instance, the compensation could take the form of an enhancement or credit to your pension plan or investment policy; or it could take the form of a credit to your outstanding loan or debt balance; or it could be another form of redress. If this applies to your claim it might not be possible for us to deduct our fee from the compensation we win on your behalf.
However, you will still be liable to pay our fee, as set out in our Terms and Conditions, by other means. We will be happy to discuss this with you at the time.
The tax treatment of any compensation payment we win on your behalf will depend both on the circumstances of your claim and your own wider financial and tax position. We are not able to advise you on this and would suggest that you seek guidance from an accountant and/or HM Revenue and Customs.
There are various time limits for making a claim for compensation in respect of unsuitable financial advice, a poor level of service or a mis-sold financial product which has caused you to suffer a financial loss.
If you fail to complain in time under the appropriate rules then your claim for compensation could be rejected on these grounds alone.
Therefore, if you want to start a claim you should do so as soon as possible. We will let you know if the time limits apply in your particular case.
We will not accept claims for compensation where we consider there is no reasonable prospect of winning or there are no grounds for a valid complaint. If we consider your claim falls into either of these categories we’ll let you know.
If you still want to make a claim then we would advise you to follow the Financial Service Authority’s and Financial Ombudsman Service’s complaints process.
If, however, you have not yet received a final response to your claim, your claim has previously been rejected or you have received a compensation or settlement offer which you have not yet accepted, it is likely we can still help you.
If your claim has been rejected within the past six months we can assess whether the final decision reached by the financial business was correct or whether you were fobbed off. If we reach that latter conclusion and think you have valid grounds for a successful claim, we can take on your case. With our expertise, we can add real financial knowledge to your claim. We will write to the financial business to explain why we think you have a valid claim for compensation; with us on your side you can be confident for a successful outcome.
Since we work on a ‘No Win, No Fee’ basis, you don’t pay us a penny unless we are successful in persuading the financial business to alter its final decision and pay you compensation. You should bear in mind that if you have already received the business’s final decision letter there is a time limit of six months for you to take further action, so you should contact us as soon as possible.
If the financial business has already offered you compensation or settlement we can assess whether it is fair and reasonable and in line with regulatory guidance. If we consider the offer isn’t then we can take on your claim and explain to the business why we consider it’s offer is wrong.
If you have been mis-sold a financial product then you have a legal right to claim compensation. A successful outcome will not have a negative affect on your credit rating.
We are a regulated claims management company, not a regulated financial adviser business.
If you wish to seek financial advice we recommend you visit www.unbiased.co.uk to find a local independent financial adviser.
We are registered to handle personal information under the Data Protection Act 1998 and are legally obliged to protect any personal information we hold about you. You can therefore trust us with your personal information. Our registration number is Z2069785 and can be found on the website www.ico.gov.uk.