Does the FSO rule on procedural propriety?

[DirectDevil]

Side bar question - does the FSOB adjudicate on the procedural propriety of the conduct of a financial institution [like the judicial review procedure before the High Court dealing with form as distinct from substance] or is it a wider remit to render a verdict on the basis of all the merits of a particular complaint ?

 

[Brendan Burgess]

You should be more specific.

The FSO has a wide remit and often makes awards for maladministration, where no substantial award is made.

For example, if the borrower has suffered no loss, but the lender was slow to deal with the complaint or rectify the issue.

Brendan

 

[Bronte]

I got a small payout because my bank did not deal with me properly. It wasn't worth the hassle of dealing with either the bank or the Ombudsman and if I'd known at the time how statistically unlikely to suceed I was I'd have dropped it or gone to one of the experts that take their fee from whatever you are awarded.