Money transfers - Wrong details on transfer
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- If you realise that you’ve put the wrong details on a transfer, you should contact the transfer company to see if they have yet to process the transaction. If the money hasn’t been sent, you may be in luck! Ask to cancel the transfer immediately.
- If, however, the money has been sent, it may be difficult to rectify the situation. The transfer company can’t be held responsible for distinguishing between your intentions and any mistakes you’ve made, so they’re not obliged to reverse the transaction.
- Any money transfer organisation should give you plenty of opportunity to check the details of a transfer. If you feel you weren't given sufficient opportunity to check the transaction details, you should use Resolver to contact the organisation directly as you may be due some money back.
- If they're unable to resolve your issue, you can escalate your case to the Financial Ombudsman.
How long should I wait for a response?
Under the FCA's rules, you should expect a money transfer organisation to give you a prompt response to acknowledge your complaint. This should not take longer than a couple of days.
The money transfer organisation should then aim to give you a final response within eight weeks.
How can I take things further?
Complaints about money transfers can be escalated to the Financial Ombudsman.
All money transfer firms are regulated by the Financial Conduct Authority (FCA).
Always be wary of firms and individuals asking for payment via money transfer – many frauds and scams run using money transfers.
The Consumer Rights Act
The Consumer Rights Act 2015 sets out your shopping rights. It replaces the Sale of Goods Act, the Unfair Terms in Consumer Contracts Regulations, and the Supply of Goods and Services Act, giving you clear, simple rights when things go wrong.
The Consumer Rights Act tackles things like faulty goods, products and services that aren’t as described, supply of services, and unfair terms and conditions.
The Financial Ombudsman (FOS)
The Financial Ombudsman (FOS) is the UK’s official expert body for sorting out problems with financial services. If you can’t resolve a matter with a business, FOS can give you an unbiased decision and has the legal powers to set things right. Generally speaking, you’ve got six months from the time that a business gives you a final response to escalate a complaint to the Financial Ombudsman.
The Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the UK’s regulator for financial services. The FCA makes sure that consumers enjoy good protection from unfair business practices and fraud.
If you encounter an unauthorised money transfer service, you can report it to the FCA!
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