Premium Bank Account Complaints Process

Premium Bank Account Complaints Process.

The Financial Ombudsman Service (FOS) has released figures confirming a surge in the sale of premium, paid for, bank accounts – sometimes such as Gold Accounts, Premier Account or Private Banking Accounts.

These accounts usually offer additional bolt on services such as concierge, travel insurance, mobile phone insurance, motor breakdown roadside services and emergency home repair services.

FOS figures reveal that they have seen an increase in complaints about these services by 75% with the FOS claiming that banks handling complaints have then declined up to 70% of complaints incorrectly.

Over 3,500 complaints per year are being received.

Complaints are being made on the back of slick sales techniques resulting in people thinking they are buying a service that does not then deliver.  Mis-selling of these accounts will no doubt stem from the banks’ desire to up sell products and service with targets, bonuses and commissions paid to the bank staff or branch.

Complaints Process Guide

• If you have a complaint, you must submit this in writing or verbally to your Bank.
• Your bank usually has 7 days to acknowledge the complaint.
• Your bank will then usually up-date you on the compliant progress within 1 month.
• Your bank usually has two months to reply detailing a full investigation and their decision to either uphold your complaint, partially uphold or decline your complaint.
• You are also offered rights to move to independent arbitration, judgement and decision by the Financial Ombudsman Service (FOS) if you are not satisfied with the bank’s response.
• You make an application to the FOS.
• The FOS will then ask for evidence from you and the bank, investigate and make a decision.  This can take weeks, months and even years depending upon the complexity of the complaint.
• The FOS will then make a ruling on the complaint.
• The ruling is legally binding on the Bank.  The ruling is not legally binding in you.  You are free to take legal action if you choose.
• If you do reject the FOS decision and go to court, a court us likely to take into account the FOS’s unbiased ruling, so successes at court are few and far between.