Before you approach an Ombudsman, go through the complaints procedure of the company you are complaining about and get a letter of deadlock from them. See How to Complain.

You are not bound by the ombudsman's decision, but the financial institution is, leading one lawyer to describe the ombudsman as "a free pot".

But the process can take a long time. Expect 6 months - but it can go to twelve.

The Financial Ombudsman Service has a useful guide to what it can and cannot do, how it thinks you should complain, and its own procedures. Recommended

You can also download its complaint form.

From 1 December 2001, most of the ombudsmen were brought under the Financial Ombudsman Service. It covers complaints about

•   Banking services
•   Banks' credit cards
•   Endowment policies
•   Financial and investment advice
•   Increasingly, mortgages
•   Health & loan protection insurance
•   Household & buildings insurance
•   Investment portfolio management
•   Life assurance
•   Motor insurance
•   Personal pension plans
•   Private medical insurance
•   Savings plans & accounts
•   Travel insurance
•   Unit trusts & income bonds.

You can talk to the Financial Ombudsman Service on 0845 080 1800 (local call). There are ceilings on some types of cases, and ombudsmen will not consider cases which are already going through the courts.

Some ombudsmen are still outside the FSA, including

•   Estate agents
•   Other pensions
•   Store cards are also not covered

About 42% of cases are resolved fairly fast, by conciliation or mediation. Of the cases which go on to be decided by an adjudicator or an ombudsman, about half are rejected.

The Ombudsman service randomly polls some people whose complaints they have dealt with.

•   87% say they keep consumers well informed about progress on their complaint
•   75% say they clearly explain the reason behind their decisions
•   75% say they resolve complaints within an acceptable length of time
•   95% say their staff are always polite!
•   79% are likely to recommend it to others with a financial complaint.

Will the ombudsman cover professional advisers' fees?

Usually No. The ombudsman takes the view that they have a simple consumer-friendly complaints process which they are ready to help you through, so you should not usually need professional help.

This is fine as far as it goes, provided that you understand which are the key points of your complaint and are prepared to press them. This site and other sites in the financevictims family the companion are designed to help you think that through. The include

• Endowment mortgages
   
• Guaranteed income bonds or precipice bonds
   
• Split capital trusts