The Financial Services Authority has a free guide to making a complaint about financial services. It is quite wide ranging but only covers the first stages.

The Director of Consumer Relations at the FSA says:

"People are often reluctant to complain in this country. But we shouldn't be shy, and we need to complain more effectively. Don't give up at the first attempt."

1. Summarise your complaint in writing

This is not the complaint letter, it's you making notes for yourself. Keep this as your permanent record. Collect together all the original documents you can and never send them away.

2. Write down what you want to achieve

Again, this is a note for yourself. If you are asking for money, show how you have arrived at your figure. Include legitimate expenses, interest or gains you lost, and a reasonable amount for time spent on the complaint.

3. Put your complaint in writing

• Where in the firm do you send your complaint? - see the FSA's Firm and Person Check Service.
   
• State your complaint calmly and avoid emotional statements
   
• Head the letter COMPLAINT
   
• Start by summarising your complaint (maximum two paragraphs)
   
• Say why you think what the firm did was wrong (one paragraph)
   
• Then say in the letter what you want them to do (one paragraph)
   
• Then give a detailed account of what happened
   
• Never send original documents - but send copies to support your complaint
   
• Ask for a copy of their complaints procedure if you haven't got it already
   
• Set a deadline for a reply or at least an acknowledgement - 3 weeks is reasonable for the first letter unless the matter is urgent. Firms under the ombudsman scheme have 8 weeks to resolve your complaint - if they don't meet this deadline you can go directly to the ombudsman yourself. Mention in your first letter that you are aware of this.
   

You can get the name or job title of the person to complain to from the FSA’s Firm and Person Check Service or the FSA Consumer Helpline on 0845 606 1234.

4. Avoid ringing the financial institution

If they ring you, get the name of the caller, keep calm, stay factual, make a note of what they say, and confirm to them in writing what they have said to you - especially if it was good news!

5. Have the financial institution missed your deadline?

It happens. Write again at once and call for a reply in seven days.

6. Stuck?

If they turn you down or won't reply, consider seeking specialist outside help or going to an Ombudsman. For the Ombudsman you will need a final decision letter from the financial firm you are complaining to. If you can't get one, don't worry - the Ombudsman will help you here.

If you want outside help, you could try us or The National Association of Citizens Advice Bureaux - 0207 833 2181.

For business banking problems, Banking Liaison Group, staffed by former Bank Managers, may be able to help but will make a charge.

7. Offers of compensation

Don't be pressurised into taking the first offer you are made. In the case of bank interest claims, for instance, it is not always adequate.

8. Help others

If you have useful lessons to pass on, use our financial discussion boards to pass them on.