Financial Ombudsman Service
How to complain
The Ombudsman says to complain to the business first, that most businesses have up to 8 weeks to consider a complaint, and that you can then refer it to the Ombudsman.
Most complaint systems start with the firm itself and move to an independent body only if that fails. This page summarises the steps published by the UK Financial Ombudsman Service. It does not say whether any broker falls within the Ombudsman's remit, and it does not assess any firm.
Step 1: Complain to the Firm First
The Ombudsman's guide sets out a sequence. Its starting point is: "The financial product or service provider should have the chance to sort things out." That means contacting the firm, explaining the problem and saying how you want it resolved, and keeping a written record of what you send.
Step 2: Allow the Time Limit
The guide states: "For most complaints, a business has up to 8 weeks to consider a complaint." It adds that shorter periods apply to some complaint types, including fraud and scams, payment services and electronic money, where a business has only 15 days.
Step 3: Refer the Complaint
If the final response does not settle the matter, the complaint can be brought to the Ombudsman. The guide says: "You will need to make a complaint to us within 6 months from the date on your final response." If no response arrives, it states: "If you haven’t received a response to your complaint within the time limits, you can refer your complaint to us."
Limits of This Page
The guide is written for UK financial providers. In the UK, the sale of binary options to retail consumers is prohibited; see our guide to binary options in the United Kingdom. This page cannot tell you whether the Ombudsman could consider a complaint about a specific provider, and the Ombudsman's own website is the place to check. If the provider is not authorised, see how to check whether a broker is regulated and how to report a binary options scam. For related account problems, read common broker terms and withdrawal mistakes.
Frequently Asked Questions
Who should receive the complaint first?
The Ombudsman states: "The financial product or service provider should have the chance to sort things out."
How long does a business have to respond?
The guide states that most businesses have up to 8 weeks to consider a complaint, with 15 days for some types such as fraud and scams.
What if there is no response in time?
The guide states: "If you haven’t received a response to your complaint within the time limits, you can refer your complaint to us."
Does this page address whether an individual could face liability?
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.
Sources and Official References
- Financial Ombudsman Service: How to complain (no date shown on the page)
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.