Be informed and empowered, know your rights when dealing with financial service providers
March 20, 2024
For Global Money Week (GMW) we are bringing you a news story every day on all things money. Today, we are looking at your rights around your finances.
Protect your money, secure your future
This is the theme of GMW 2024. Later on in the week we will be discussing Fraud and Scams and how to keep your money safe. Today we will look at how your financial service provider should treat you.
The service you receive
Your bank, credit union, insurance company or pension provider should act honestly, fairly and professionally and consider your best interests when providing products or services to you. They should give you the information you need to make an informed decision and correct errors and handle any complaints you have speedily.
What if something goes wrong?
Sometimes you may not be satisfied with the service you receive from a financial service provider. You can feel that you were not treated in a timely or respectful manner, or that your best interests were not taken into account. If this is the case, did you know you have the right to complain?
By law all financial service providers, such as banks, credit unions, investment firms and insurance companies, must have a complaint handling process.
You could complain to the person you are dealing with in the financial services provider first, and this might resolve your complaint quickly. If you are still not satisfied, you can then make a complaint in writing. You should outline the facts of the complaint, including timelines and keep a copy for your own records. Your complaint should say how you wish the matter to be resolved.
Top Tip
The CCPC has a 3-step plan you can follow when making a complaint to a financial service provider.
What if I am not happy with the response to my complaint?
If you are not satisfied with the financial services provider’s response to your complaint, or if the complaint is not being dealt with properly, you can refer your complaint to the Financial Services and Pensions Ombudsman (FSPO). On their website, the FSPO has useful videos on their processes for making a complaint.
What about digital financial services
Digital Banks, or Fintechs as they are often called, use technology to provide financial products and services to customers. Before you choose any digital financial service or product, you should check to see if they are regulated by the Central Bank of Ireland. This is important if you want to know what your rights are, or if you are unhappy with the service and want to make a complaint.
Check out our CCPC videos where we answer questions on Digital Banks. You can compare the fees and benefits of different current accounts available, including digital only banks, using our personal current account comparison tool.
