Financial Ombudsman - AMA!

[MoneySmartMummy]

I see lots of these but not many from those in the financial sector. I did 15 years in retail banking & as a whole of market mortgage adviser before moving to work for FOS.

If you have any questions about FOS or mortgages, happy to help if I can

Hi OP - are you an actual Ombudsman, or an adjudicator? How long does it typically take an adjudicator to become an Ombudsman if that's the role they ultimately want?

I'm an ombudsman - I was an adjudicator and then investigator for 5 years in total. The opportunity to progress at FOS and the incremental stages of progression are something I love, as it's a great way to keep staff motivated if they're keen to progress. It's emotionally demanding sometimes depending on the types of things you work on, but tremendous job satisfaction too

That sounds great! Are you all WFH since Covid? I've often thought it would be interesting to work for FOS but it wouldn't be practical for me to relocate.

We're hybrid - 2 days in, 3 days at home. We have an office in Coventry and an office in London, but you'd need to be able to do 2 days a week in one of those locations.

It's very interesting and dynamic, I find it interesting digging through files and finding pieces of the puzzle. It's a rewarding career even with the pressure of consumer expectations

Is it worth pursuing refunds of interest/charges on loans/OD's on un-affordability grounds with the ombudsman if the lender has rejected the complaint.

@Saffy321 absolutely!

I used to work a lot of Wonga cases way back when, and their default was to reject the compliant unless it was irrefutable. We upheld around 90% of cases for irresponsible lending.

You need to make sure it's taken to FOS within 6 months of the business rejecting the claim though. You can register your complaint online or over the phone

Ah, that's interesting - I didn't know there was a Coventry office. Unfortunately too far away for me.

Anyone else?

You reckon lifetime mortgages are the next big endowment mortgage scandal?

Guessing you were a mortgage broker?

Do you specialise in certain complaint types or deal with a mixture?

What are the cases you enjoy dealing with the most?

I work for a credit card company and we get a lot of 'I'm going to the ombudsman' for complaints that they don't have a point. Like, my payment was due, you reminded me a week before like you always do, I rang on the day and you reminded me, I didn't pay it and you told my credit file I didn't pay it, I'm reporting you'

My question is a two parter really, do you get a lot of complaints where the person is not in the right, and do those people get told no, you're not right?