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Banking complaints

Michael Wilson reports on recent decisions of the Financial Ombudsman Service

16 August 2002

If your clients are having problems with their bank or building society – or if you experience problems yourself – it can be useful to know something about recent complaints. The Financial Ombudsman Service (FOS) now deals with all complaints against banks and building societies, and here is a roundup of some recent decisions. Loan protection The bank would only agree to granting a car loan to Mrs C on the understanding it would be in the joint names of Mr & Mrs C. This was because Mrs C’s own income was limited. The loan was effected in the names of Mrs C and Mr C, in that order. They also effected the bank’s loan protection insurance. Mr C died, yet the insurance claim failed because it covered only the first named individual. Mrs C complained this had not been explained to her at the outset. This was particularly significant, as Mr C had the higher income. The FOS ruled against the customer, because the limitation in the insurance cover had been spelled ...

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