UK complaints handling
Definition of a complaint
Any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service, which:
(1) alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience and (2) relates to an activity of that respondent, or of any other respondent with whom that respondent has some connection in marketing or providing financial services or products, which comes under the jurisdiction of the Financial Ombudsman Service in the UK.
Definition of a complainant
Eligible complainants are:
– individuals acting for purposes outside their trade, business or profession
– “”micro-enterprises”” (which are smaller business that have a turnover or annual balance sheet of not more than €5m and fewer than 50 employees)
– a charity with less than £1m annual income
– a trustee of a trust with net asset value of less than £1m
– Professional clients and eligible counterparties, where the person is an individual acting for purposes outside his trade, business, craft or profession.
A prompt acknowledgement of the complaint, in writing, within 5 (five) business days of the complaint being made.
A final response to be provided within 8 (eight) weeks of receipt of the complaint.
External Dispute Resolution
Financial Ombudsman Service