Making a financial complaint is a consumer right. You do not need a solicitor or claims management company to do it. The process is designed to be accessible and the Financial Ombudsman Service is free. This guide explains exactly how it works.
This guide is for general information only. It is not financial or legal advice. AskFin is not a claims management company. For guidance specific to your situation, consult official FCA guidance or a regulated professional.
Step 1: Identify your complaint clearly
Before writing to a firm, be clear about what you are complaining about. What happened? When did it happen? What do you want the firm to do about it? Being specific helps the firm respond to the right issue and helps you if you need to escalate.
Common complaint grounds include: a product being mis-sold or unsuitable for your needs; fees or costs not being disclosed clearly; incorrect information given at the time of sale; or a product not working as described.
Step 2: Gather your information
Collect any relevant documents — your original agreement, any correspondence from the firm, notes of conversations and anything you were given at the time of sale. If you do not have copies, you can request them from the firm using a Subject Access Request (SAR), which is free.
A well-organised complaint with supporting information is easier for the firm to review and easier for the Financial Ombudsman Service to assess if you need to escalate.
Step 3: Write to the firm
Send your complaint in writing — by email or letter. Include your name, account details, a clear description of your complaint, the information you are relying on, and what you would like the firm to do. Keep a copy of everything you send.
The Financial Ombudsman Service website at financial-ombudsman.org.uk has template letters that can help you structure a complaint. Citizens Advice can also help you draft a complaint for free.
Step 4: Wait for the firm's response
Financial firms are required to acknowledge your complaint promptly and provide a final response within eight weeks. If the issue is resolved to your satisfaction, the process ends there.
Step 5: Escalate to the Financial Ombudsman Service if needed
If the firm rejects your complaint, does not respond within eight weeks, or you are unhappy with their response, you can refer the complaint to the Financial Ombudsman Service (FOS). This is free.
You can refer to the FOS online at financial-ombudsman.org.uk. They will review your complaint independently and reach a decision. If they uphold your complaint, they can direct the firm to take action including paying redress. Their decision is binding on the firm if you accept it.
Why you do not need a claims management company
Claims management companies typically charge a percentage of any compensation received — often 25% to 40% plus VAT. Because you can make the same complaint yourself using the same process, many people choose to do so and keep the full amount of any redress.
FCA-authorised claims management companies are legally required to tell you, before you sign up, that you can make the complaint yourself for free. If a company does not tell you this, that is a concern in itself.
Free help available to you
Citizens Advice provides free guidance on financial complaints, including help drafting letters. MoneyHelper at moneyhelper.org.uk has step-by-step guidance. The FCA publishes guidance relevant to specific product types at fca.org.uk.
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AskFin is not a claims management company. We do not assess claims or earn fees from complaints. This guide is general information only.