Over 8,000 Angry Policyholders and consumers contact the Financial Ombudsman every day asking for help and advice everyday
The Financial Ombudsman Service (FOS) receives around 2.4million enquiries and complaints every year from consumers. The 8,000 people who contact the FOS every day have their complaints or enquiries handled by one of its 3,500 staff at a cost of £223million.
When you consider around one in five of initial enquiries to the FOS turn into a formal dispute, it does not take a rocket scientist to conclude that there are a lot of unhappy consumers in the UK. Angry Policyholders was founded after our founders, Chris and Nicola Hargreaves took their complaint against Scottish Provident to the FOS.
There are a potential three stages to a complaint with the ombudsman service. If all goes to plan and your insurance company, bank, credit card or financial institution agrees an adjudicator can help settle your complaint.
However, if the company you are complaining about disagrees with an adjudicator they can request for it to be reviewed again. In Chris and Nicola’s case it was handled by two adjudicators as the first review of the case found that the original information held by Scottish Provident was incorrect.
This led to the adjudicator asking Scot Prov to take the time to review the case, but they still declined their claim. The second adjudicator came to the same conclusion as the first, but this time ordered Scot Prov to pay the claim.
Even though by now Chris and Nicola’s claim had been dragged out for nearly 2 years, Scottish Provident formally requested the case was dealt with by an ombudsman. This is where as a consumer you have to rely on the adjudicator getting your case across as you are not able to speak to an ombudsman.
Financial Ombudsman Service case studies
- 122/1– consumer complains about boiler breakdown cover – after being left without heating over Christmas
- 122/2– consumers complain when finance company rejects section 75 claim – saying snow caused roof damage
- 122/3– consumer complains that insurer’s mistake disrupted Christmas plans
- 122/4– consumers complain about home emergency cover – after being left without heating over Christmas
- 122/5– consumer complains about warranty provider – after being left without an oven over Christmas
- 122/6– consumers complains that travel insurer has rejected cancellation claim – as departure wasn’t delayed
- 122/7– consumer complains that credit card company hasn’t sent right amount of vouchers at Christmas
- 122/8– consumer complains that business wrongly chased her for a debt over Christmas
- 122/9– consumer complains when bank rejects section 75 claim for faulty engagement ring
- 122/10– consumer complains that insurer unfairly rejected claim for storm damage
- 122/11– consumer complains that his insurer won’t pay a claim after his Christmas presents are stolen
- 122/12– consumer complains that gift is shown on insurance documents – spoiling Christmas surprise
Above are examples of complaints received by the FOS and the decisions made
It is the time between a claim being refused and the FOS ruling in your favour that causes the biggest damage to consumer’s finances and lives. At Angry Policyholders we are here to help you, whether you’re in the process or have already started a claim.
With some insurers it’s clearly a numbers game. Insurers know that even if you have a valid claim and the probabilities of a FOS ruling in your favour are high you still have the weakest hand. This is because consumers may have been forced into debt or don’t have the time or energy due to ill health.