The power to settle financial complaints.
The power to settle financial complaints.
ombudsman news issue 61 [PDF format]
ombudsman news gives general information on the position at the date of publication. It is not a definitive statement of the law, our approach or our procedure.
The illustrative case studies are based broadly on real-life cases, but are not precedents. Individual cases are decided on their own facts.
April/May 2007
My business has a consumer-credit licence and I’m aware there have been changes that affect the way we now have to handle any complaints about the loans and finance we arrange. However, I’m not as clear as I probably should be about what this means in practical terms. Can you please let me know how I can find out more about this?
These changes have come about as a result of new legislation – the Consumer Credit Act 2006. From 6 April 2007 all businesses that hold a standard consumer credit licence (issued by the Office of Fair Trading) must, by law, comply with new complaints-handling requirements.
So businesses such as yours must ensure you follow proper procedures when dealing with complaints about your consumer credit activities. And your customers have the right to refer unresolved disputes about those activities to the Financial Ombudsman Service.
Our comprehensive website offers a wealth of information, including a special section about consumer credit complaints. This gives the answers to a number of the more commonly-asked questions that consumer-credit businesses ask about the Financial Ombudsman Service. It covers a range of topics including:
All businesses covered by the ombudsman are also welcome to contact our technical advice desk for informal help or guidance. The technical advice desk can help by:
You can contact our technical advice desk on 020 7964 1400 – or email technical.advice@financial-ombudsman.org.uk
Can you please tell me how I can get copies of the consumer leaflet, which I understand I need to send my customers if they have a complaint involving the consumer credit side of my business?
Copies of our consumer leaflet, your complaint and the ombudsman, are available in packs of 25 at £5 per pack – including postage and packing. To order copies, please send us a cheque together with a completed order form.
We recently revised this leaflet to reflect the fact that – since 6 April 2007 – we cover businesses that have a consumer credit licence. Financial firms whose activities we already covered before 6 April 2007 may use up their existing supplies before ordering copies of the new version. For more information about ordering supplies of our leaflet, visit the publications section.