How to Use the Ombudsman & Functions of Ombudsman

How to Use the Ombudsman & Functions of Ombudsman

2019/02/25

Now that people are making much more money than they ever were before, they are looking to invest it in as many ways as possible. There is the added pressure of people from various institutions telling you how and why you should invest with them. In this case, it is very important for you to be able to take your grievances to someone if you think your finances have been handled badly.

If you think you have a problem with your bank, try and deal with it at the branch level initially. You should be able to resolve it if it is not too serious. If you think you have not got a fair deal, you may go to the head office of the bank, and address your grievance here. If you continue to believe that the bank’s findings are something you cannot accept, you can then go to the Banking Ombudsman. This body is independent, and will take a call which is not directed by any bank. Your complaints could be anything from credit cards, taxation amounts, and even matters relating to investments and insurance.

You can also approach what is known as an Insurance Ombudsman. This body will deal with all matters which relate to your private insurances and their policies. However, you must remember that you can only go to this body if the insurer is a member.

No matter who you approach, it is important to know that you can only be helped provided you approach the body within six months of receiving some intimation from the bank, financial institution or the building society. If you find that you are not agreeable with the decision made by the ombudsman, you are still free to seek legal action.

You can try to approach a bank for assistance as well. Most reputed banks will have separate divisions which will give assistance on personal finance. They should be able to help you with almost any aspect of investing your money.

Although the advice they give you will be free, you will be charged for any service that you opt for. Try and reach the bank manager directly so you can seek the best help first hand.

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