Going To Court

If you lose money because of the actions of an investment company or adviser, you could take them to court - for example, you might be able to sue them for negligence or misrepresentation. If Financial Services Act rules have been breached, you could bring a case under section 62 of the Act. But taking a financial institution through the courts would be a lengthy and, in most cases, costly exercise. You'd be wise to consider it only as a last resort after you've used other available complaints procedures. If you have a choice between going to court or giving up that right and using an arbitration service instead, consider getting some preliminary advice, for example from a Citizens Advice Bureau or a solicitor, before making your decision. Arbitration is usually cheaper and faster, but if the decision goes against you, you may regret having given up your right to court action.

Complaints Concerning Building Societies

If your complaint falls within the scope of the Financial Services Act, the building society will be a member of the appropriate SRO or SIB and you should use the complaints procedures already described. If it's not covered by the Act, and you've exhausted the society's internal compaints procedure, you could take your case to the Building Societies Ombudsman.

The Office of the Building Societies Ombudsman

What it is Scheme started in 1987 to provide a low cost route for dealing with consumer complaints. It's a statutory scheme (under the Building Societies Act ). All societies... see: Complaints Concerning Building Societies

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