The Financial Ombudsman is an organization set up by Parliament. It was created to help ‘sort out’ problems and disputes that might arise when using financial services in the UK.

If they decide that someone has been treated unfairly, then they have legal powers to ‘put things right’.

In 2017, more than two million people contacted the Financial Ombudsman with problems relating to everything from bank accounts, credit and debit and store cards right the way through to pensions, savings, investments and car loans! More recently, many PPI claims have been dealt with by the Financial Ombudsman.

The Financial Ombudsman can handle a wide variety of complaints relating to financial services but there are strict rules, especially time limits, relating to what they can and cannot deal with and adjudicate upon, so it is worth checking with them to make sure they can help you.

If they uphold a complaint, they can tell the business involved to compensate the consumer for losses of up to £150,000 (£100,000 for complaints we received before 1 January 2012). However, in most cases the amounts involved are much smaller.

The Financial Ombudsman’s service does not punish or fine financial services businesses or regulate such businesses to make sure they follow the rules. This is the job of the regulator, known as the Financial Conduct Authority (FCA).

Related article:

Download our Free First Time Buyers Guide

Recent posts

The most wonderful time of the year can easily turn into the most expensive time of the year. Watching the pennies doesn’t mean that the Christmas festivities have to stop, following a few budgeting tips can mean you still have a special Christmas and don’t go into the new year in debt.  

December is usually a less desirable time to buy as many people don’t want to move over the holidays. However, prospective buyers do start to look at this time. Selling your home in winter may require a bit of extra attention to showcase your property at its best.

We look at why mortgage rates increased following the Bank of England's choice to reduce the bank rate, and should you fix now?

On 30th October 2024 the Chancellor, Rachel Reeves delivered the Autumn budget which we had previously been warned would be “difficult”. Below we have summarised the main housing points.

In an increasingly cashless society, money is an intangible concept for children to grasp. In the days of coins and notes, kids could see money as something physical you require to purchase goods and services.
In order to help teach your children about money, we have listed some tips below;

The UK’s chancellor, Rachel Reeves will deliver the Labour government’s autumn budget at the end of the month, we take a look at what could be announced in relation to housing.

Recent research from Halifax has revealed the most sought-after locations for first time buyers in Britain.  

The data which was taken from the Halifax House Price Index looked at areas outside of London where those looking to purchase their first property were buying. Despite high property prices and increased rates, these first time buyer hotspots have remained popular.   

Taking care of your mental health means looking after your emotional, psychological, and social wellbeing. There are several ways we can practice self-care that will help to improve our physical and mental health. This can help to reduce our risk of illness, manage stress, and boost our energy levels!