Customers will have to wait just three days to bring their case to ombudsman under new rules

Customers who feel they have been poorly treated and fobbed off by their bank or insurer soon may be able to take their case to the Financial Ombudsman Service within just three days. At present, customers have to wait up to eight weeks before any financial complaints can be considered by the Ombudsman. But City watchdog the Financial Conduct Authority is planning a shake-up that could kick in early next year. The idea is to make things quicker and fairer for customers. Now, if a firm deals with a complaint by the end of the next business day, they do not have to send a letter to the customer. Instead they can simply resolve the issue over the phone. The firm also does not have to keep a record of these complaints. But the FCA fears this has meant many complaints have not been dealt with properly because the company simply rushed them through to meet the deadline.....Read more here