FINANCIAL OMBUDSMAN SERVICE - FOB
The United Kingdom's Financial Ombudsman Service is an ombudsman established in 2001 as a result of the Financial Services and Markets Act 2000 to help settle disputes between consumers and UK-based businesses providing financial services, such as banks, building societies, insurance companies, investment firms, financial advisers and finance companies.
The Financial Ombudsman Service publishes the proportion of complaints it upholds in favour of consumers. Across all complaints in 2013/2014 the ombudsman found 58% in favour of consumers.
MIDLAND BANK TRUST CO LTD v HETT, STUBBS and KEMP (a firm)  Ch 384 - Cause in action for negligence which is not statute barred - breach of contract is an omission which continues ....
CHAPLAN v HICKS  2 KB 486 - The Court awarded damages for the loss of opportunity to be auditioned for a part in a show offered as part of a prize competition.
v LONDON and NORTH WESTERN RLY Co. (1876) 1 QBD 274 - The
complainant recovered damages for loss of custom when the defendant failed
to deliver samples in time for a show, even though no precise assessment
of loss was possible.
Some consumers have questioned the amount of redress awarded by the ombudsman while many businesses expect the ombudsman to apply the compensation cap rigidly and lobbied against the increase (in January 2012) from £100,000 to £150,000 in the maximum compensation the ombudsman can tell a business to pay.
Inevitably, cosy relationships will be developed as the FSB takes an easy path to resolution. Not only that, from our experience, FSB operatives are generally not lawyers, but ex bankers that may have been tainted by banking practices that are common in banking circles, but that are still unlawful - as cases such as the LIBOR scandal and Robert Diamond, illustrate.
PRESSURES LEADING TO CUT CORNERS
You are advised not to contact the FOB on the telephone. They will do their level best to confuse you and then use that confusion to wipe the complaint from their books. Like any government organisation they have targets and will take shortcuts to reduce their caseload.
Your complaint would receive better attention if it is set out in writing. Ask the FOB what they require upfront in order for them to consider your complaint, We know of examples where the FOB have said that had all that they needed to consider a complaint, but that when an officer was appointed to look at the complaint, the goalposts were moved. The objective of these tactics is to disadvantage the complainant - often asking a person or organisation for costly research that defeats to purpose of the FOB as a fair way of dealing with complaints - you may as well litigate if you are going to have to jump through umpteen hurdles, as the FOB sift cases to lighten their workload.
Ultimately, both the FOB and the financial institution are answerable to the Courts. That is what the Courts are for. The bad news is that with our current austerity measures, from years of government overspending and huge national debt, legal aid that would normally have been available to those who cannot afford a solicitor, has been reduced to only those cases where no litigation risk is involved. You can thank not only David Cameron for that, but also Tony Blair and a whole cavalcade of politicians who should have known better than to put their own interests before those of the common man.
Please direct your queries to:
The Financial Ombudsman Service
BANKING ERRORS FROM MISCOMMUNICATIONS ETC
Banks sometimes seek to close certain types of accounts, or accounts that are not active. The problem with this is that accounts such as this are frequently used by clubs or not for profit organisations. In closing such accounts banks will cost not for profit organisations significant sums in seeking to re-open, or open replacement accounts.
Regardless of the duty of care that banks owe to its customers, they still proceed to close these accounts, despite the deemed "breach of contract" and the fact that monies in those accounts may then be absorbed by the Bank, causing the account holder loss. Loss is not only the loss of the monies that have been taken from the account holder, but also the expense of having to deal with such institutional maladministration.
Banks are though systematic, always seeking to improve returns and cut costs, even where corporate responsibility demands equal care to not for profits, as to trading corporations.
LINKS & REFERENCE
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A heartwarming action adventure: Pirate whalers V Conservationists, with an environmental message and a $Billion dollars riding on the winner. For release as an e-book in 2016 with hopes for a film in 2018.
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