The seven things every complaint needs
A complaint that answers these questions in order is easy to investigate, and investigations that are easy tend to move. Keep it factual, keep it short, and number the documents you enclose.
- Who you are, and the account or policy numbers involved
- What you were sold, in one sentence, and the date
- Who sold it to you, and in what capacity
- What you were told, and what you say you were not told
- Why you say it did not suit you at the time
- What you are asking the firm to do
- Your request for the advice file: fact find, attitude to risk record, recommendation and charges disclosure
Ask for the file at the same time
You do not have to wait for the outcome to ask what the firm has. Ask in the same letter for the documents it holds about the advice, and put a date by which you would like them. Firms are expected to keep records of the advice they give; a firm that cannot produce them has told you something useful.
What the firm has to do
The FCA’s rules require firms to deal with complaints fairly, consistently and promptly. Unless the complaint is resolved within three business days, the firm must acknowledge it in writing. It must normally give you a final response in writing within eight weeks, telling you whether the complaint succeeded or why it needs more time. If it does not, you can go to the Ombudsman without waiting further.
Reading the response
Look for three things: whether it says the advice was suitable and why; whether it addresses the specific documents you sent; and the date on the letter. The date matters because it starts the six months you have to refer the complaint to the Ombudsman. If the letter contains no reasoning, say so, in writing, and ask again.
If the answer is no
A rejection is not the end. The Ombudsman decides what is fair and reasonable, and it frequently reaches a different view from the firm, particularly where the firm’s own file does not support its account. Refer the complaint within six months of the final response, and send the whole file again rather than a summary.
If you use someone to help
You do not need to. Complaining to a firm and to the Ombudsman is free and designed for consumers. If you do appoint a claims management company, understand the FCA’s fee cap for financial services claims — between 15% and 30% of the award depending on its size for claims started on or after 1 March 2022 — and note that it must give you a one-page summary before you sign, a cost illustration, and a 14-day cooling-off period.