FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
The Financial Services Compensation Scheme (FSCS) is the UK’s statutory fund of last resort for customers of authorised financial services firms. Financial ombudsman Services (FOS) the independent service for settling disputes between businesses providing financial services and their customers
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £75,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £75,000 each (making a total of £150,000). The £75,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS Website or call 0800 678 1100.
FINANCIAL OMBUDSMAN SERVICE
The Financial Ombudsman Service (FOS) has been set up by law to help settle individual disputes between consumers and financial firms. The FOS will only look at complaints if the credit union has had the opportunity to investigate the complaint first and provide a response.
We have an internal complaints procedure to resolve any issues or concerns. In the event that a member has a complaint that we are not able to resolve, it can be forwarded to the Financial Ombudsman Service, within six months of the credit union’s final response letter.
If you are not happy with a final response given to a complaint or if no final response has been provided within an eight-week period from the date of initial complaint, you are eligible to contact the Financial Ombudsman Service and request that they investigate the matter on your behalf. No charge is made for this and any decisions made are binding on the financial institution concerned.
More information on the Financial Ombudsman Service can be found at:
6Towns Credit Union will ensure that Distance Marketing information is included with the welcome letter, which we sent to all new members when they join. For new members, a one off Membership activation fee of £1.00 will be deducted from their share account towards administration charges prior to the refund. If a member does decide to exercise their cancellation rights, the credit union will return any money paid to the credit union. This could include their activation fee. The credit union reserve rights to request that the members pay for any services provided up to the date of cancellation provided it does not amount to a penalty. The credit union will not charge interest accrued on the loan before the member cancels.
We aim to offer our members consistent, high quality and value for money services. We can only do this with your help. If you have a concern about our services please tell us.
· Investigate your complaint immediately.
· Acknowledge receipt of your complaint within five working days. If appropriate we will also offer an apology and a full explanation at this time.
· If we cannot resolve the issue, or need more time to investigate, we will confirm when you can expect a response and keep you advised of the progress.
· Try to resolve your complaint within four weeks.
· Advise you of our progress and if we need more time.
· Send a final response within a maximum period of eight weeks.
Your first steps
You MUST give the Credit Union chance to resolve any complaint before taking your issue further. The best way to complain depends how the situation arose. If you are already dealing with a member of staff then contact that person or their Supervisor, directly either by telephone or by letter. You could also make an appointment to see them in person. Many complaints are due to a misunderstanding and can often be resolved instantly. If you have followed these guidelines and are still unhappy, please address your complaint directly to the Complaints Officer.
If you are still unhappy
In the majority of cases, complaints can be resolved very quickly and to everyone’s satisfaction. If not you can take your complaint to the Complaints Officer. This person has special responsibility for complaints within the Credit Union. They will undertake an independent review on your behalf and provide you with a written response according to the aforementioned time-scale.
If your complaint has been taken through the Credit Union’s Internal Complaints procedure and you are dissatisfied with the final response letter, you may be able to take your complaint to the Financial Ombudsman Service. This must be within 6 months of our final response. A booklet detailing how to do this will be enclosed with your final response letter.
What can you do if you are not satisfied with our final response?
If you are not satisfied with our final response, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS):
South Quay Plaza,
183 Marsh Wall,
London, E14 9SR
Tel: 0845 080 1800
Will my complaint be eligible for investigation by the Financial Ombudsman Service?
Whilst the majority of complaints are eligible for further investigation by the FOS, it is important that you are aware this does not apply in every instance. If you are in any doubt about whether your complaint is eligible for further investigation you should contact the FOS direct to clarify this. Details of the types of complaints the FOS will not consider are given on their website.
3.1 You must always keep your Security Data secret. If you write them down you must make a sufficient attempt to disguise them. You must not tell anybody else your Security Data. You are responsible for making sure information either shown or stored on your mobile phone or other device used to access the Service is kept secure.
3.2 You must tell us as soon as you can if you know or think somebody else knows your Security Data. You must do this by sending us an email to [email protected] or by telephoning us on 0121 553 3110 during working hours. We may ask you to confirm this in writing within seven days.
3.3 As soon as you tell us you know or think somebody else knows your Security Data we will prevent transactions being carried out on your account.
3.4 You will not be liable for a transaction carried out through the Service on one of your accounts which was not carried out by you or for access to or use if your accounts by someone else, except in the following cases:
• You authorised the carrying out of the transaction or the access to or use of the account
• You acted with gross negligence, which includes failing to follow the safeguards in Condition 3.1 and 3.2 above or action detailed in Condition 3.3 above
• You acted fraudulently. If you dispute that you have carried out a transaction, we will expect you to co-operate with us and the police in any investigation. We may give the police and our insurers any information we consider relevant, to enable them to carry out investigations.
3.5 If we believe or suspect fraudulent or suspicious transactions are being carried out on your account we reserve the right to suspend access to all or part of the Services.
4. Acting on your instructions
4.1 We reserve the right not to act on any instructions which would mean you would not be keeping to these conditions or those applying to your account.
4.2 If we decide not to carry out a transaction we will not be responsible for any loss or damage you suffer because of that decision. We will normally tell you why we are not prepared to carry out a transaction when you use the Service.
5.1 We reserve the right to introduce a charge for using any Service. If we introduce a charge or a new charge on your account or change the amount of any charges which already apply to your account we will notify you personally not less than 60 days beforehand.