How to file a grievance against your financial services company

In the face of an increase in problems, regulators are thinking about altering the way that high numbers of complaints are handled

This is how to file a complaint if you're not satisfied with a financial service or product.

A revision to financial regulations may include a new deadline for consumer complaints.

When significant problems are discovered, the Treasury is seeking input on how the Financial Ombudsman Service (FOS) should handle complaints.

It occurs as Leeds Reforms, which aim to cut regulatory red tape, were unveiled by chancellor Rachel Reeves during her speech at Mansion House.

The reforms are meant to give the FOS more flexibility, as it has previously warned of a "concerning" increase in complaints regarding financial services.

"When something goes wrong, it is right that people are compensated," stated Sarah Pritchard, FCA deputy chief executive.

"However, uncertainty in the financial redress system may prevent investment and breakthroughs. Our reforms will support UK growth by establishing a more predictable system for businesses and providing consumers with prompt and equitable compensation when they are due it.

How do the rules of redress change?

According to the FOS, issues with credit cards, fraud and scams, and the motor finance commission are at all-time highs, while complaints about financial products are at all-time highs.

Because of this, it may take longer to address problems, and regulators prefer to find issues before they become serious ones.

The Treasury is proposing an absolute time limit in legislation that will require complaints to be brought within 10 years of the conduct complained of.

It stated: "This will prevent the FOS from having to handle a large volume of historical cases, which can be difficult to settle efficiently and promptly.

Additionally, the Treasury wants to allow the redress scheme to reject collective groups of complaints by sending them to the FCA for regulatory action, and to grant the FCA additional authority to look into mass redress events without broader consultation.

By doing this, the FOS will have more time to address other matters.

Additionally, the amount of pay may vary.

The FOS announced that it will be adjusting the interest rate it applies to certain awards that it requires businesses to pay from 8% to +1 percent in order to match the base (average) rate set by the Bank of England. The FOS stated that any actual losses incurred by the consumer will still be reflected in the awards.

"These reforms represent a significant step in modernizing the UK's redress system, making it more agile and responsive and a much better fit for today's economy," went James Dipple-Johnstone, interim chief ombudsman at the Financial Ombudsman Service. Our adjustments will provide businesses and consumers with consistency and predictability, allowing us to better concentrate on our primary goal of swiftly and minimally formalizing the resolution of individual disputes.

As of October 8, 2025, the consultation is over.

How to file a complaint against insurance companies.

If you have a grievance concerning a regulated financial product or service, you should contact the FOS as a last resort.

Writing a written complaint to your provider's complaints department, via email or letter, is the first step. The only regulated products you can complain about are those offered by companies that have been approved by the Financial Conduct Authority (FCA). That covers investments, insurance, pensions, and home mortgages, though you can't gripe about the performance of the stock market.

Tell them what happened, when it happened, and ask them to make amends, the FCA advises. Within eight weeks, providers are required to respond to your complaint, explain how it will be handled, or explain why they require additional time to look into it.

You can then complain to FOS if you are not satisfied with the decision or have not heard back after eight weeks. The FOS website offers complaint forms for download.

Before deciding whether to uphold the complaint and grant compensation, it will take your concerns into account and get in touch with the financial firm to hear their side of the story. According to the most recent FOS data, in the first quarter of the 2024 - 2025 fiscal year, 37% of complaints were upheld.

Complaining to the FOS or your financial provider is free of charge. It is not necessary to hire a professional representative in order to file a complaint. A significant portion of any compensation you receive may be withheld by claims management firms, but they can also assist with complaints on a no-win, no-fee basis.

If you're not satisfied with the complaints you've made to the FOS or your financial provider, you may also choose to file a lawsuit. However, this will cost you money because you might have to pay for court costs and legal counsel.