Financial complaints can involve several organisations, but they do not all perform the same role. A firm handles complaints about its services, the Financial Ombudsman Service can resolve eligible disputes, and the FCA uses reports to inform its regulatory work.
Confusing those routes can delay action. You do not need to wait eight weeks before reporting a suspected scam, and reporting to the regulator does not itself secure compensation.
This guide explains the process checked on 3 November 2026, including evidence, response deadlines and current Ombudsman award limits.
Financial Complaints: Who Does What?
Start by identifying the outcome you need.
If you want a business to correct an error or reimburse a loss, complain to that business. If an eligible dispute remains unresolved, the Financial Ombudsman Service, or FOS, may be able to decide it.
If you suspect a scam or unauthorised financial activity, report those concerns through the appropriate official channels. This can happen alongside a complaint about a bank or adviser.
The FCA’s complaints guidance distinguishes complaints about financial businesses from reporting scams and complaints about the regulator itself.
Step 1: Address Urgent Risks Immediately
If money has been sent to a suspected scammer, contact your bank or payment provider immediately using independently verified details.
Ask what action is available to secure the account, stop further payments or attempt recovery. Do not delay while preparing a detailed complaint.
The FCA directs people who have lost money to report the matter to Report Fraud, with separate guidance for reporting to Police Scotland.
Its official scam-reporting page provides current instructions. Follow these rather than waiting for the firm’s complaint deadline.
Preserve evidence before blocking suspicious accounts where practical, but never send another payment merely to keep communications open.
Step 2: Send Financial Complaints to the Correct Firm
Identify the legal business responsible for the service you are challenging. A trading name, app or website address may differ from the legal entity in your agreement.
Use its official complaints procedure. A written record is useful, but there is no universal requirement to send the same complaint by both email and post.
Explain what happened, when it happened, what you believe went wrong and what outcome you want. Include your account reference and relevant transactions without sharing passwords or security codes.
If an impersonator used a genuine firm’s identity, distinguish the two. Our article on clone firms impersonating authorised businesses explains why a real registration number does not establish who contacted you.
Step 3: Track Financial Complaints Deadlines
For most complaints, firms generally have eight weeks to issue their response.
Certain complaints involving payment services or electronic money normally have a 15-business-day response deadline. In exceptional circumstances, the final response can take up to 35 business days.
These periods are not interchangeable. Ask which deadline applies if the complaint involves several services or issues.
Keep the date you first complained and any acknowledgement. Save the final response, including information about referring the matter to the Ombudsman.
The FCA’s response-deadline guidance explains the general rules. Receiving an unsatisfactory final response can allow referral before the full eight weeks have elapsed.
Step 4: Refer Eligible Financial Complaints to the Ombudsman
If you disagree with the final response, or the relevant response period has expired, contact the Financial Ombudsman Service.
The service is free. You do not need to pay a representative to submit a complaint, although you can choose someone to help you.
FOS will assess whether the business, activity, complainant and timing fall within its remit. A dispute does not qualify simply because a financial loss occurred.
Provide the complaint sent to the firm, its response and the supporting documents. Explain where you disagree rather than assuming the investigator has already seen every communication.
Financial complaints involving unauthorised operators may fall outside FOS’s jurisdiction, although a separate complaint about a regulated payment provider may require assessment.
How Much Compensation Can FOS Award?
The original £415,000 figure is outdated for newly referred complaints under the current limits.
For complaints referred on or after 1 April 2026 about acts or omissions on or after 1 April 2019, the award limit is £455,000.
For complaints referred from that date about earlier conduct, the limit is £205,000. Different historical limits apply to earlier referrals.
These are maximum award limits, not standard payouts. Redress depends on what happened and what is needed to put things right. Other remedies can include correcting records or addressing distress and inconvenience.
The Ombudsman’s compensation guidance explains the limits. It can recommend payment above the relevant limit, but cannot compel the excess.
What Evidence Supports Financial Complaints?
Organise the material so another person can follow events without reconstructing your entire account history.
Useful evidence includes:
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Account statements, payment receipts and transaction references.
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Emails, letters, messages and relevant call details.
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Contracts, terms, advice reports and marketing material.
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The firm’s legal name and claimed regulatory details.
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Your original complaint and the firm’s final response.
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A dated timeline explaining the problem and resulting loss.
Distinguish what you know from what you suspect. A dashboard screenshot shows what the platform displayed; it does not independently verify an investment balance.
Explain each document’s relevance. A short, clearly labelled evidence bundle is more useful than a large collection of unexplained attachments.
Step 5: Report Regulatory Concerns Separately
Financial complaints seeking individual redress are separate from reports used for supervision or enforcement.
The FCA says it cannot recover money for victims through its scam-reporting process. Reports can nevertheless help it identify harmful activity and protect others.
Describe the conduct, people involved, contact details, website and payment instructions. Include supporting records and identify any claim of authorisation.
Do not expect a report to guarantee an investigation or detailed progress updates.
If your concern is about the FCA’s own conduct, use its distinct complaints procedure. That is different from asking the regulator to decide a dispute with an investment business.
Financial Complaints Time Limits and Processing Times
Do not treat six months as the only relevant deadline.
Complaints generally need to be raised within six years of the event or, if later, three years from awareness, or reasonable expected awareness, of cause to complain.
There is also generally a six-month referral period after a valid final response. Exceptions can apply. Consult the Ombudsman’s time-limit guidance.
FOS says it aims to answer complaints within 90 days, but complex cases take longer. Its process guidance also describes a target of resolving 90% within six months of acceptance.
These are service aims, not guaranteed completion dates.
Other Recovery Routes for Financial Complaints
Depending on the payment and circumstances, a card dispute, Section 75 claim or another reimbursement route may require separate consideration.
Our article on chargeback rights and bank recovery routes introduces these possibilities. None automatically covers every investment loss.
Where a firm has failed, check whether an eligible FSCS claim is available directly through the scheme.
If considering court action, obtain appropriate advice about deadlines and the consequences of accepting an Ombudsman’s final decision. Do not assume that pursuing one route preserves every other option.
Conclusion: Match the Route to the Problem
Financial complaints work best when they identify the responsible firm, explain the alleged failure and present relevant evidence.
Complain to the business when seeking redress, use FOS where the dispute is eligible, and report suspected fraud promptly. The FCA’s regulatory role does not replace the compensation process.
Preserve records and follow our financial fraud reporting guide, checking current instructions with the relevant authorities.
You can also submit evidence to InvestorWatchdog. This does not replace an official complaint or report. Our investigation methodology explains how we distinguish verified findings from allegations.