Banking and Insurance - CUSTOMER PROTECTION

Determined to complain? - The people you should probably be talking to if you cannot get satisfaction from your financial service provider are listed below. Remember the basic principles of complaining:

Make sure you have set out your complaint clearly and fully to the person you brought your service from.

If they don't help-

In all cases, make your claim calmly, commercially and professionally. Getting upset gets in the way of getting a settlement.

We have not yet confirmed the details listed here for the various bodies shown with each organisation involved. Time pressure means some of the descriptions are far from complete.

Neither these organisations, nor we, can take any responsibility for the accuracy or currency of any information shown, or for any errors or omissions in this list. If you have any queries, please contact the agency concerned or NABC/NAIC. If you have problems, get professional advice.

A questionnaire is being issued to all appropriate bodies - if you are listed and have not received it yet, or if you are not listed and you should be, please let us know.

We suggest you look at NAIC DataSheet 2: Who do you complain to? to decide whether to contact bodies dealing with insurers, agents, particular professions, or particular activities. Then use your browser's FIND button to search through the list below for contact details. The information is presented in (roughly) alpha order under Accounting, Banking, Insurance, General, and Legal.

ALWAYS tell us about your problem, and the eventual outcome please - whether or not you intend to join NABC/NAIC and whether or not you need our help. We are keen to build up an independent central database of customer problems of all types to help the financial service industries provide better customer services. We want ALL disputes - private or commercial, life or general, insurer or agent, indemnity or liability.

Accounting
If you purchased insurance through an accountant adviser, whether an independent financial adviser or an agent of an insurance group, you may have grounds for complaint under rules governing the accountancy profession, as well as any complaint about specific insurance matters. Complaints regarding investments with accounting profession IFAs should be raised with their appropriate professional body

Association of Chartered Certified Accountants (ACCA)
29 Lincolns Inn Fields, London WC2A 3EE
Tel: 0171 242 6855

British Accounting Association (BAA)

Chartered Institute of Management Accountants (CIMA)

Institute of Chartered Accountants

ICA England & Wales (ICAEW)
PO Box 433, Chartered Accountants Hall, Moorgate Place, London EC2P 2BJ
Tel: 0171 920 8100

ICA Ireland (ICAI)
Scottish Amicable Building, 11 Donnegal Square South, Belfast BT1 5JE
Tel: 00 353 1 668 0400

ICA Scotland (ICAS)
27 Queen Street, Edinburgh EH2 1LA
Tel: 0131 225 5673

Actuarial

Institute of Actuaries
Staple Inn Hall, High Holborn, London WC1V 7QJ
Tel: 0171 242 0106 Fax: 0171 405 2482
Some banking and insurance professionals are also qualified Actuaries and individually or corporately might breach rules governing the Actuarial profession.

Banking

Bank of England, Threadneedle Street, London, EC2R 8AH
Tel: 0171 601 4878

British Bankers Association (BBA)
Pinners Hall, 105-108 Old Broad Street, London EC2N 1EX
Tel: 0171 216 8800
Trade body for banking institutions. Banks trading in the UK may or may not be members, but probably are. Banks and BBA will normally refer enquiries via the Code of Practice and the Ombudsman schemes.

Chartered Institute of Bankers (CIB)
90 Bishopgate, London, EC2N 4AS
Tel: 0171 444 7111 Fax: 0171 444 7115
Professional body for banking staff. Very substantial reference library and Internet resource.


H M Treasury, Parliament Square, London, SW1P 3AG

Independent Review Body (for the Banking and Mortgage Lending Codes)
Pinners Hall, 105-108 Old Broad Street, London, EC2N 1EX
Tel: 0171 216 8840
A group set up by the British Bankers Association and comprising senior members of the banking industry and consumer advisors. If a member bank does not follow the (voluntary) Code of Banking Practice - which covers Building Societies, Card Issuers and Insurance Sales as well as 'pure' banking - the Review Body may sanction the institution. Make sure they are aware of any problems.

Office of the Banking Ombudsman (OBO)
70 Gray's Inn Road, London WC1X 8NB
Tel: 0171 404 9944 (0345 660902 for enquiries)
Administers the voluntary complaints procedure set up by the banks. If a matter is not resolved internally a 'Letter of Deadlock' is required to refer it to the Ombudsman. He will reject matters outside his remit and those which have not yet been explored fully within the bank. OBO deals with personal and small commercial disputes. He can make modest awards for personal costs and expenses. See the site for full details.

Insurance

Association of British Insurers (ABI)
51 Gresham Street London EC2V 7HQ
Tel: 0171 600 3333
Trade body for insurance companies; can investigate fraud, maladministration, malpractice; maintains (voluntary) Code of Selling Practice for insurance companies and their agents - companies are responsible for ensuring that their appointed agents comply.

British Insurance and Investment Brokers Association (BIIBA)
BIIBA House, 14 Bevis Marks, London EC3A 7NT
Tel: 0171 623 9043
Trade Association for insurance brokers - firms may or may not be members. Check to find out.

Independent Financial Advisers Association (IFA)
12-13 Henrietta Street, London WC2E 8LH
Tel: 0171 240 7878
Trade Association for IFAs.

Institute of Insurance Brokers (IIB)
Higham Business Centre, Midland Road, Higham Ferrers, Northants NN10 8DW
Tel: 01933 410003
Trade Association for insurance brokers - firms may or may not be members. Check to find out.

Insurance Brokers` Registration Council (IBRC)
63 St Mary Axe, London EC3A 8NB
Tel: 0171 621 1061
Statutory body controlling the registration of Insurance BROKERS. Every firm using the word must be registered, and can be disciplined or de-registered for breach of professional standards. Basically if you have a problem concerning an insurance broker and the firm does not satisfy you, report to IBRC.

Insurance Ombudsman Bureau
City Gate One, 135 Park Street, London, SE1 9EA
Tel: 0171 928 7600 (enqs) -or- 0171 928 4488
Voluntary scheme for some insurance underwriters - no cover (yet) for any other body such as brokers or loss adjusters. Cannot deal with commercial disputes, personal insurances only. Has jurisdiction over those companies who are (currently) members of the scheme. Check to see if your problem is with a member.

Investment Management Regulatory Organisation (IMRO)
Lloyds Chambers, 1 Portsoken Street, London E1 8BT
Tel: 0171 390 5000
Regulatory organisation for investment managers.

Personal Investment Authority Ombudsman Bureau (PIA)
PIA Ombudsman Bureau, Hertsmere House, Hertsmere Road, London E14 4AB
Tel: 0171 216 0016 (Consumer help desk 0171 538 8860)
Voluntary scheme for some insurance and investment companies. Deals with complaints AFTER the firms's own compliance officer has tried to resolve matters. Has jurisdiction over those companies who are (currently) members of the scheme. Check to see if your problem is with a member. You must complain to PIA within 6 months of the firm responding to your complaint to them. Maximum award £20,000 - £100,000 depending on type of case; plus 'modest' awards for distress and inconvenience

General

ADVERTISING/ PUBLICATION
If you purchased your services through a publication, contact the paper/ magazine concerned for assistance; you may find your purchase comes under some form of protection scheme run by the publication itself, or a body such as the -
Advertising Standards Authority (ASA)
Brook House, 2/16 Torrington Place, London WC1E 7HN
Tel: 0171 580 5555

Consumers Association
2 Marylebone Road, London NW1 4DF
Tel: 0171 830 6000
National consumer body. Can investigate matters of general interest, and advise on appropriate contacts. Publishers of Which? magazine.

Department of Trade and Industry (DTI)
Insurance Division, 1 Victoria Street, London, SW1H 0ET
Tel: 0171 215 5000
Government department regulating financial services and business activities. Particularly involved with insurance fraud but also controls insurance company registration and compliance.

National Consumer Council (NCC)
20 Grosvenor Gardens, London SW1W 0DH
Tel: 0171 730 3469
Government funded consumer organisation investigating consumer issues. No direct investigative or regulatory powers, but should be kept informed of issues. Can advise on appropriate contacts.

Office of Fair Trading (OFT)
Office of Fair Trading, Field House, Bream`s Buildings, London EC4A 1PR
Tel: 0171 242 2858
Government department regulating 'fair trading' and provision of consumer credit. Can intervene in individual cases.

POLICE
Your local police station should take an interest in any case of fraud, theft or abuse - if in doubt report the matter.

Securities and Futures Authority (SFA)
Cotton Centre, Cotton Lane, London SE1 2QB
Tel: 0171 378 9000

Securities and Investments Board (SIB)
Gavrelle House, 2-14 Bunhill Row, London EC1Y 8RA
Tel: 0171 638 1240
This organisation has recently been described in the press as 'Super SIB' in anticipation of much tougher regulation of financial service markets. Exactly what its role will be is not yet clear; in most complaints about life, pensions, investment sales etc - consider reporting the matter to SIB.

Trading Standards Officers
Your local trading standards office will be listed in the telephone directory/ local library or Citizen's Advice Bureau. The TS Officer will investigate complaints and can prosecute firms for breaches of regulations.

Legal
If you purchased insurance through a legal adviser, whether an independent financial adviser or an agent of an insurance group, you may have grounds for complaint under rules governing the legal profession, as well as any complaint about specific insurance matters. The Law Societies also supervise compliance for legal IFAs.

Law Societies

England & Wales
113 Chancery Lane, London, WC2A 1PL
Tel: 0171 242 1222

N Ireland
Law Society House, 90-106 Victoria Street, Belfast BT1 3TZ
Tel: 01232 231614

Scotland
26 Drumsheugh Gardens, Edinburgh EH3 7YR
Tel: 0131 226 7411

 

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