When it comes to consumer rights, financial products and services are no different to any other kind, from a washing machine to an overcoat or membership of a gym. If you are not happy about anything, or feel you have been misled, or even mis-sold, you have a right to complain. But where do you start?

Talk to the provider

The first port of call has to be the financial services provider from which you bought the product or service. Firms have an obligation to treat their customers fairly, and therefore should be keen to help to resolve the problem as quickly as possible.

Make your complaint

If you're still unhappy, you have the right to make a formal complaint in order to seek an apology, correction or compensation. To do this, first ask for a copy of the firm's complaints procedure, which will tell you who to write to, when to expect a response, and what your options are if you're unhappy with the final outcome.

Take it to an independent complaints scheme

Once you have done this, if you are unhappy with the final response – or if your complaint hasn't been resolved within eight weeks – you can refer your case to an independent complaints scheme. The Financial Ombudsman Service (FOS) is the most well-trodden of these, as it deals with common financial areas such as mortgages and banking. However, there are others: the Finance & Leasing Association Arbitration Scheme, Pensions Advisory Service and Pensions Ombudsman are also independent complaint schemes. Your initial response letter from the firm will direct you to the appropriate one.

If you're still not satisfied

Once your complaint has been considered, if you are still unhappy you can go to court if you wish. But bear in mind that in most cases the court is likely to agree with the Ombudsman's decision. If you take this route, use the small claims court, as other court systems can be expensive and time-consuming. 

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