Financial Ombudsman Complaint

What a financial ombudsman complaint involves

When you're still waiting for a bank, payment company, or crypto platform to put things right after a complaint, a financial ombudsman may be able to help. This is an impartial group outside the company that reviews disputes and decides if the consumer deserves something more. And in most cases, there's no charge for you.

Each country sets its own rules and the service may go by different names. In the UK, you're dealing with the Financial Ombudsman Service. Most EU countries have their own ombudsman or what's called an alternative dispute resolution (ADR) body, so you don't have to go to court. The FIN-NET network points you to the right body if the company is based in another EU country. Some ombudsman schemes can require a company to do what they decide, but some only recommend a solution and the firm isn't obliged to follow it.

Disagreements can stem from unauthorised payments, often when you've asked for an unauthorised payment refund, or when you're trying to recover funds lost to fraud.

Step one: complain to the provider in writing

The ombudsman usually wants to see that you've already raised the issue with the company. You need to send a written complaint, email works, or use the official form on the provider's website, and keep a record. Summarize what happened, the dates, any amounts, and exactly what result you'd accept. It's often helpful to include an account or reference number, especially if you're dealing with a payslip dispute or a transfer held back by compliance staff.

By law, every provider must have a way for handling complaints. In the EU, payment service providers are usually required to respond within 15 business days, but if a response takes longer you'll be told why. UK providers are generally given eight weeks to provide a 'final response,' but if they fall behind they must tell you. Always check what's required in your country and for your specific provider.

Step two: escalate to an ombudsman or regulator

If you still don't have a resolution, or you're unhappy with the provider's answer, you can escalate by taking your complaint to the ombudsman or ADR. Act promptly, as there are strict time windows from when you get the final reply. Pull together anything relevant: copies of complaint emails, the company's responses, or your bank statements (for instance, if you're disputing a foreign exchange loss).

1. Locate the company's last formal reply and check the date.
2. Verify the firm's regulated status using your country's official register, then identify the right ombudsman or ADR body.
3. Submit your case with a short timeline, attaching your supporting documents.
4. Reply as soon as possible if the ombudsman asks for more details.

If your account has been frozen or shut down, follow guidance at why an account is frozen and how to challenge it. Or, if your experience suggests a wider breach of rules at the company, you can also alert the regulator. Regulators supervise the conduct of many firms, while ombudsmen resolve single disputes.

Frequently asked questions