Financial Ombudsman

Hiya all, I will be shortly using the financial ombudsman service to attempt to recover some losses due to poor financial advise. I will keep this thread open with updates in the new year as the case progresses.

Has anyone used this service before ?
 
I have used the services of the financial ombudsmen and was happy with their involvement.

A bank staff member had provided ongoing product advice which ended up being an error which would have cost us thousands of dollars.

Our complaint was not being handled appropriately by the branch manager. We took our complaint to the ombudsmen. This resulted in the bank returning paid monies to us and rectifying the major error.

This would not have happened without the service of the financial ombudsmen.

I hope you receive a similar outcome.
 
ANZ stuff up

Can you give me the details of the Ombudsman. The ANZ took 10 weeks to process a loan and then was late at settlement and I got charged $800 late fees. The guy from ANZ Mortgage Direct in Melbourne told me everything was sorted when it was not.
 
Good to hear that at least someone has had some success.

I will be posting all details here once matter has been resolved. I think it will be a real eye opener for many !
 
Keep in mind that 'advice' that doesn't necessarily mean that you have cause for complaint. If the recomendation is reasonable, the advisor can't be held liable if the market doesn't go as predicted.

Grounds for a complaint would be if the advisor acted outside of your interests, or didn't follow your instructions properly.
 
Rang FOS office and I am now number 13 on the list. So yes ... still waiting as they are VERY busy.

I will post/ share full update here once I get details.

I feel I have a good case ... need to know convince FOS. I have invested a signficant amount of time documenting chronology of events and then calculating losses.
 
Can you give me the details of the Ombudsman. The ANZ took 10 weeks to process a loan and then was late at settlement and I got charged $800 late fees. The guy from ANZ Mortgage Direct in Melbourne told me everything was sorted when it was not.

Sounds very familiar.

We will be going to the Ombudsman when we take all our loans away from ANZ.

Inept, wrong and miscalculated advice. Also the hassles of sorting out screw up from Bangalore!

F
 
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