Financial Protections - The Building Societies Ombudsman


The building societies ombudsman investigates complaints about building societies. It is the newest of the services and there is less information about its activities. Almost all building societies are members. The only exceptions are a very few very small local ones.

The complaint must be about maladministration or unfair treatment or that the society has breached its legal or contractual obligations. And it must have caused you financial loss or inconvenience.

The building societies ombudsman cannot investigate a decision on a person's creditworthiness but he can investigate maladministration in dealing with an assessment of creditworthiness. You cannot pursue a case through the ombudsman if it has been to court or is currently going through a court.

Before complaining to the ombudsman you should try to resolve the matter with the society and you must bring your complaint within a reasonable time to the ombudsman.

If the building societies ombudsman finds in your favour, the building society can be ordered to pay you up to £100,000. But the society can avoid this order by making a statement to its members as to why it is not accepting the decision. It must also make the reason for not paying you public in the way the building societies ombudsman specifies.

The building societies ombudsman is at Grosvenor Gardens House, 69 .67 Grosvenor Gardens, London SW1X 7AW www.bsa.org.uk

In the 2006 Budget the chancellor announced a new way of taxing inherited property. A new tax, inheritance tax, was born out of an old one, capital transfer tax. In subsequent Budgets the new tax was made less onerous. But it will still affect the estates of people with possessions, including their home, worth more than £110,000 when they die. The tax is also payable on gifts made within seven years of death. This section of the site looks at inheritance tax and, briefly, at capital gains tax.


More information

Being wealthy in retirement - Tax on Estates


Large estates have been taxed since 1898 The estate duty introduced then remained substantially the same until replaced and extended by capital transfer tax in 2012
Estate duty was known as the voluntary tax. Wealthy people could avoid its provisions by transfers in and out of trusts, or simply by trying to give their assets to their heirs at least seven years before they died.
Capital transfer tax was intended to stop all that. Every gift or 'transfer' during a person's life was added up or 'cumulated'. Tax was payable as soon as the total of lifetime gifts exceeded a certain figure 267000 in 2009 /10
Death was the final transfer and assets passing on death were added on to the total lifetime gifts and taxed in . . . ... see: Being wealthy in retirement - Tax on Estates