Single ombudsman for financial disputes officially goes live
It takes over from the six former complaints schemes: the Banking and Building Societies Ombudsmen, the Insurance and Investment Ombudsmen, the PIA Ombudsman and the Securities and Futures Authority Complaints Bureau.
The Financial Ombudsman Service has been set up by law to help consumers settle unresolved disputes with their bank, building society, insurance company, investment firm, financial adviser or stockbroker. Complaints ranging from travel insurance and pension plans to mortgages and investments can be dealt with under one roof, as part of a new package of complaints-handling rules.
The Financial Ombudsman Service – led by Chief Ombudsman, Walter Merricks – can step in to help resolve disputes where the consumer has already complained to the financial firm and remains dissatisfied.
Consumers with an unresolved complaint can get in touch with the Financial Ombudsman Service on the new single phone number 0845 080 1800 – or from the ombudsman website (www.financial-ombudsman.org.uk).