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Banking and Financial Services Ombudsman: Knowing Your Financial Rights

If you have been dealing with a financial dispute lately and you still haven’t achieved exactly what you wanted, it is wise to ask for help from the Banking and Financial Services Ombudsman. Do not worry because the services that they offer are completely free. Allow us to give you an overview of what to expect from them.

What is a financial ombudsman?

It refers to the independent official body that helps clients who are dealing with a tough financial dispute. They possess a legal power that can help in adjudicating the client’s complaints against small businesses or a financial institution. All consumers are given rights when it comes to handling with financial companies.

Once the company violated your rights and continue to ignore you, do not worry because the financial ombudsman will serve as your representative in fighting for you. Also, the services they offer are not for recently-made misunderstanding. You can complain about something that had happened over six years ago.

How does it work?

The main purpose of the financial ombudsman is to serve as the middleman and settle the dispute between the customer and the financial firm. In that way, you’ll be able to find a resolution to your complaint without having to undergo a thorough investigation.

And even though the ombudsman will fight for your rights, they don’t necessarily take sides between the two. The process of working with a financial ombudsman goes like this:

  1. You fill up a form. If the company continues to ignore the complaint you’ve handed them, you can now visit the ombudsman’s website and fill out the necessary information. You can also call them using the contact information they have provided. This step will help you to avoid legal process for the meantime.
  2. They forward the case to the company. After talking to the ombudsman, they will do their best to reach out to the company and ask for their own version of the story.
  3. The company will decide. Most of the time, companies will just agree to give you what you want once you involve the financial ombudsman. In that way, they can avoid an investigation.
  4. Ombudsman can carry out an official investigation. If the company doesn’t agree or refuses to respond, the financial ombudsman has the power to carry out an official investigation. In that way, you’ll be able to trace back your transaction and see when you are mistreated as the customer. Once all the evidence is gathered, the company will be forced to give you a reasonable solution for the financial dispute.

If you are dealing with a financial dispute that had been badly treated by the company, you should consider heading straight to the banking and financial services ombudsman. It’s the most effective way and a cheaper option compared to bringing the case to the court. It also helps you practice your rights as the customer. There is no need to be afraid when working with a financial services ombudsman if you know that you are right and had been treated wrong.