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Financial Ombudsman way behind

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There have been reports that those awaiting compensation from banks, pension firms, investment houses or insurers are facing huge delays in the resolution of their claims.

The failures are being attributed to a reorganisation at the Financial Ombudsman more than three years ago that has affected the resolution of complaints. Expert adjudicators have been replaced by general investigators who cover large areas of the financial spectrum, resulting in a situation where some consumers have been left not knowing whether they will receive life-changing settlements regarding life or health insurance and where complaints are still unresolved more than a year after being lodged.

Hopefully, by shining a light on the issues that need to be resolved within the Financial Ombudsman Service, service levels can be returned to a more reasonable standard.

Jasmine Lambert Chartered Financial Planner
Jasmine Lambert
Jasmine is the Managing Director and Senior Financial Planner at Redwood Financial. She helps clients manage and grow their wealth and protect their estate. Jasmine also provides expert advice in our FREE Redwood Webinars, where you can learn more about Wills, Trusts and Estate Planning.
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