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Financial ombudsman

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Contributor

Financial ombudsman

Does anyone know how to contact the ombudsman in the UK as PayPal have absolutely no interest in confirming that my complaint case has been received or has been received and is currently being processed.

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19 REPLIES 19
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Esteemed Advisor

Re: Financial ombudsman

@doctortardis

 

Paypal are not regulated in the UK.

If you go to the user agreement on your paypal account there is a section for 'complaints' with all the links to the 'regulators'.


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Anonymous_User
Not applicable

Re: Financial ombudsman

This is not true, Paypal is authorised by the FCA and complaints against them can be made to the financial ombudsman.

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Esteemed Advisor

Re: Financial ombudsman

@Anonymous_User

 

Wrong..............from the FSA website.

 

Paypal (Europe) Ltd
Status: No longer authorised (Reference number: 226056)

Was previously authorised by the PRA and/or FCA.


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Anonymous_User
Not applicable

Re: Financial ombudsman

They've changed names, that name is no longer registered but the actual company is. I should know, I currently have a complaint against PayPal being investigated by the ombudsman.

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Esteemed Advisor

Re: Financial ombudsman

@Anonymous_User

 

Nope you are wrong they are not regulated anymore by the FSA and they have confirmed this on here as well.

 

You may well have a complaint going through the ombudsman however as they are allowed to investigate companies that used to be regulated with them as well as current ones, however that is not what you said, you said they were still regulated by the FSA and they are not.

Also its best to go to the actual regulators if you want to make a complaint which is what i have already advised.

 

                                          **********************************************************

 

PayPal announced this morning they are to become a bank headquartered in Luxembourg known as PayPal Europe SÃ rl & Cie, SCA (PayPal Luxembourg). All European PayPal accounts will be transferred to the new Bank on 2nd July.

The Bank of PayPal should gain a huge boost in momentum against their nearest competitors which in the UK are Nochex and more recently Google Checkout. Nochex has remained a smaller player, although popular – Checkout is merely a “Checkout flow for existing payment methods”. The irony is in the near future it could be possible to click through Google Checkout with your PayPal bank card – it’s already possible to use Google Checkout with your PayPal credit card (although it’s an affiliate card though GE Capital Bank Limited). Many larger retailers don’t accept PayPal services but the change from an electronic money issuer to a banking institution could make them a more attractive proposition.

The change also means that they’ll no longer be regulated by the FSA but will be regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA.


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Anonymous_User
Not applicable

Re: Financial ombudsman

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000Mg3m1AAB

 

FCA authorised

 

so the Financial ombudsman can consider complaints

 

They may not be completely under the remit of the FCA but it's really misleading saying you can't file a complaint with the ombudsman 

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Esteemed Advisor

Re: Financial ombudsman

@Anonymous_User

 

This is a firm that is regulated in another European Economic Area (EEA) country th

 

Which is exactly what i said, and why its best to complain to the actual regulator.

 

Whereas you said............

 

This is not true, Paypal is authorised by the FCA

 

Which is incorrect.

 


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Anonymous_User
Not applicable

Re: Financial ombudsman

https://www.paypal.com/uk/webapps/mpp/ua/servicedescription-full

 

Check the 'complaints about the service' section. It explicitly states the ombudsman is the first port of call for complaints in England and Wales and if you wish to file with the CSSF or go to court you can. Considering it's a UK issue then the ombudsman should be the first port of call. 

 

Also I feel most people would be most comfortable going to a UK institution to file a complaint rather than an agency in a foreign country they've never heard of before.

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Anonymous_User
Not applicable

Re: Financial ombudsman

I doon't think you understand the crux of my arguement. Your initial post was rather misleading by implying that you couldn't make a complaint to the ombudsman, not which exact regualtions it has to follow, I'm guessing the CSSF and the FCA have pretty similar codes of conduct anyway. My point was that you implied you couldn't complain to the ombudsman and I'm saying you defintiely can. 

 

I'm going to leave it there