A problem with electronic money? How can the Financial Ombudsman Service be of service
Electronic money versus paper money
Do they have the same value? Are there any differences? Well, you cannot touch or see electronic money as regular bills and coins. Instead, that money is stored electronically on cards, devices or other online systems, though you can use it to pay for goods and services as “old fashioned” money. Some of these companies are well known all over the world and we use them every day such as PayPal, Revolut, Amazon Pay and GoCardless. Electronic money is used all over the globe because it's easier to carry, is more secure, we can use it from different devices, it's cheaper than paper money and is more efficient to track taxes. Nevertheless, stil in the XXI century not every shop or service accepts this kind of payment because of the cost it may carry with payment platforms, tax costs, technical issues such as internet connection or electronic scanners and a cultural tradition of wanting to see and feel the result of our hard work: paper bills and coins.
Most common complaints
The most common complaints are the ones related to business unfairly reversing a payment or unfairly placing restrictions on your account. Although the Financial Ombudsman Service cannot directly resolve a dispute between buyers and sellers who have used e-money for transactions, they can definitely help in e-money business disputes.
The Financial Ombudsman Service will require evidence provided from both the customer, business and any other party involved. Several facts are considered such as relevant law, regulations, industry codes of conduct, terms and conditions of the account that the disputed transaction was made from.
How to raise a complaint to the Financial Ombudsman Service
First address your complaint to the business, they should give you a response in 15 business days. Sometimes it can take up to 35 business days if the case is complex. If you are not satisfied you can take the case to The Financial Ombudsman Service within 6 months of receiving the business´s final response and they will investigate the case. You can take your case online at https://www.financial-ombudsman.org.uk/contact-us/complain-online or by phone at 0800 023 4567.