How to file financial complaints

           

When we try new things or even in our day to day activities some may work perfectly and some may require little tweaking be it any electronic equipment or any financial related activity. Just like software update for mobile if you do that activity it will work perfectly again, but if you miss those updates and postpone it, phone will hang, applications will not work correctly and so many series of unexpected issues may happen.

We buy insurance, stocks, mutual funds, so many products etc but if there is a problem in any of the service many of us will try to contact customer care and if the response is poor, we may try to escalate but may not know the proper routes. Let us look at some of the mechanism available to resolve your grievance for the below important ones,

Product\Service;

For any consumer durable products contact customer care, get your complaint registered, If your grievance is not resolved, take it to the supervisor and send an email & physical mail for documentation.

Still if unresolved, approach National consumer helpline 1800114000 and register your complaint it at www.core.nic.in. Finally you can approach consumer court in your locality were you don’t need any lawyer to start a case.

Stocks\Funds;

Any delays or mis-selling or fraud done by broker, contact the fund house or the company immediately. If your grievance is not addressed approach SEBI via www.scores.gov.in to register and track your complaint.

Finally you can approach consumer court in your locality were you don’t need any lawyer to start a case.

Banking;

 Most of the Banks have in house grievance addressable system and most if the issues will be addressed here itself. If unresolved within a month, approach any of the 15 ombudsmen whose address is listed in RBI website.

If not satisfied with the settlement file an appeal before appellate authority – deputy governor within 30 days.

Real Estate;

I believe many will have complaints in this category, though there are some grievance addressable system in many of the leading companies it can be said that it is dysfunctional. Next level can be CREDAI, NARDECO and national association of realtors etc.

Final option is civil or consumer court to get proper settlement.

Insurance;

First and foremost try to get it addressed with customer care. Then you can approach grievance redressal officer of the branch, still if you are not satisfied you can approach http://www.policyholder.gov.in/report.aspx#.

You can call toll free number 1800-425-4732 or send an email to complaints@irda.gov.in

Telecom;

Most of us would have had this problem with mobile networks and ended up changing number. Take up the issue with customer care, and then escalate it to nodal office of the network. The grievance should be resolved within 10 days.

If you are not satisfied go to appellate authority in your circle within 3 months.