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Who do I turn to if I have a dispute with my factoring company?


The factoring industry is well regulated to protect customers, so, if you do find yourself in a dispute with a factor help is at hand. The first step with any dispute is to discuss the problem directly with the provider to see what resolution can be reached. However, if the provider cannot help or you are unhappy with the solution, the FOS (Financial Ombudsman Service) is the next step. The FOS is an independent body that settles disputes between financial services firms and their customers. You must contact them within six months of receiving a final response from your factor. Some complaints, such as unfair contracts and potential scams can also be reported to the Financial Conduct Authority (FCA), a body which regulates financial services in the UK. Do make sure that you thoroughly check your contract before signing and keep good records of all correspondence and transactions.

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