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technical note

money-transfer operators covered by the FSA and the ombudsman

From 1 November 2009 money-transfer operators have needed to be regulated by the FSA – and are automatically covered by the Financial Ombudsman Service.

This means that from this date, these businesses must have had in place in-house complaints-handling procedures that comply with the complaints-handling rules published by the FSA.

The ombudsman service has a range of information and support services available for businesses new to the official procedures they have to follow if a consumer complains.

how can I get more information about the complaints-handling procedures and the ombudsman?

There is a wide range of information for businesses on this website including:

news and updates;
a series of guides for businesses explaining more about the ombudsman service and the way we work; and
an online information resource specifically for businesses that have little direct contact with – or experience of – the ombudsman.

what support does the ombudsman offer businesses?

As well as settling disputes, we help promote "complaints prevention". This involves working with businesses to identify and reduce problems that might otherwise lead to time-consuming complaints.

The free services we offer that will be of particular interest to money-transfer operators new to the ombudsman include:

our technical advice desk dedicated to answering queries about the ombudsman service and its general approach;
our regular newsletter ombudsman news – covering a wide range of information, including examples of banking and money-transfer disputes relating to foreign travel, case studies involving the transfer of money abroad and currency exchange, the background to the Payment Services Directive and a focus on money-transfer operators and the ombudsman; and
taking part in a wide range of events – from hands-on workshops to formal conferences. This is part of our commitment to sharing our complaints-handling experience and listening to the views of businesses.

engaging with money-transfer operators

We have organised and taken part in a number of initiatives, aimed specifically at money-transfer operators that came under the ombudsman from November 2009. These include:

providing speakers for the UK Money Transmitters Association conferences in London and Birmingham
speaking at Electronic Money Association and British Bankers Association events in London
speaking at seminars held by the FSA on the Payment Services Directive
meeting with money-transfer trade associations and major money-transfer operators
writing to all money-transfer operators to let them know about the free support services we offer

If you represent money-transfer businesses that will be covered by the ombudsman – and your association or trade body is organising an event that you'd like to invite us to take part in – please email full details to our external liaison team.

help for businesses and consumer advisers

contact our technical advice desk on 020 7964 1400

This is part of our online technical resource which sets out our general approach to complaints about a wide range of financial products and issues. We would like your feedback on how helpful you found it. Please also use the feedback form below to tell us about anything you think we could clarify or explain better.