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Financial Ombudsman Service

Quick Facts

  • Appointed Adjudicator
    • Is independent.
  • You can raise additional heads of claim
    • You are able to raise additional arguments that were not submitted to the Bank.
  • Limit to Redress
    • The maximum amount of redress you will be able to recover under the Compensation Scheme is £150,000, however, the Financial Ombudsman Service can make a recommendation that the Banks settle claims for amounts greater than £150,000.
  • Must be a micro-enterprise
    • Your company or group structure must meet micro-enterprise criteria.

Once the Bank’s internal complaints procedure has been exhausted, the Financial Ombudsman Service (FOS) is the next step. FOS will appoint an adjudicator who will investigate the complaint and make a decision. If the Adjudicator does decide that redress is due to the customer, they can instruct the Bank to pay monies in the amount determined by the adjudicator. If the Adjudicator does not come to a decision that is satisfactory there is a right to appeal. FOS can only investigate complaints for individuals or micro-enterprises. A micro-enterprise is a company that employs fewer than 10 persons and had a turnover or annual balance sheet that does not exceed € 2 million. FOS has the authority to determine that sums up to a maximum of £150,000 are to be paid by banks or financial services and it has limited powers to enforce it.

The FOS currently has no fixed time frames for resolving complaints. You must have exhausted the Bank’s internal complaints procedure prior to submitting a complaint with FOS.