You don’t need to use a Claims Management Company like Refundee to get your money back. If you feel confident doing it yourself, you can, and it can save you paying a fee too. Here’s our guide to help you do it.
To get started, you need to make a complaint to your bank. You can do this via e-mail, post, telephone, in-branch or online chat, depending on what’s available at your specific bank. It’s usually best to put your complaint in writing to make sure it’s recorded properly. If you complain in-branch or over the phone, say you are making a formal complaint and ask them to tell you the next steps.
To find out where and how to complain to your bank explore our guides.
(Though lots of banks don't have one)
Send them a letter to them with your case
Call them about your case to see how they can help
Go into your bank for direct help from customer service
(If available)
Make sure you include the key facts that apply to your claim. Also, consider the regulations in place at the time of the scam, as the bank will be using these to assess what information they need from you. We have more information about these here.
When gathering your evidence, include chats you had with the scammers or cryptocurrency statements if relevant, as the bank may want to consider this in its review.
Banks have up to eight weeks to respond to your complaint and send you a ‘final response’, by email or letter, or maybe both. For payments related complaints, which fraud cases typically are, they must respond within fifteen days.
They should clearly communicate that this is their final response and include details on how you can appeal to the Financial Ombudsman Service (FOS), if you want to do so. One of the following two scenarios are most likely to happen
Great news, your bank refunds the money you lost and the case is closed.
Your bank rejects your complaint and explains why they do not think a refund is due. You can still get your money back, even if your bank has said no. You now have the right to escalate it to the FOS for an independent review if you want the banks decision considered independently.
Important: You have six months from the date of your final response to escalate your complaint to the FOS, or you’ll likely lose your right to do so.
When you refer your case to the FOS, you’ll first need to provide them with what they need to take your case on. It’s free to use the FOS and the Financial Ombudsman Service website shows you how to complain to them. You can either fill in their online claims form, email them, post your complaint (download their complaint form and print it first), or call to begin your complaint.
At the start, you will speak to someone whose role is to try and get the case fully set up so it can be investigated. Make sure you have gathered your evidence to upload as they will likely need it at the earliest opportunity.
Timescales for cases that end up with the FOS can vary hugely, so you might need to be patient. Some cases can even take years to resolve, though most should take much less time.
Once they have what they need, FOS will allocate your case to an Investigator to reach an initial view on whether you are owed a refund — this is the first step in their two stage decision process.
Two things could happen at this stage.
The Investigator says the bank should refund you. The bank then has a chance to either agree and pay you, or it can appeal and ask for a final decision from an Ombudsman.
The Investigator says the bank does not need to refund you. You now have the right to appeal and ask for a final decision from an Ombudsman. In this case, the Investigator will ask you to explain why you think their outcome was wrong. In your explanation, it’s helpful to use the facts of your case and reference the relevant regulations that apply.
You do not need a Claims Management Company to submit your own claim. But if you’d rather work with an FCA regulated firm who specialise in fraud recovery, please get in touch by clicking the button below.
