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PPI complaints with the Financial Ombudsman top a MILLION

The Financial Ombudsman Service has now dealt with over one million complaints regarding Payment Protection Insurance.

What makes that statistic even more astonishing is that it’s estimated that 9 out of every 10 rejections by banks and lenders are not escalated to the FOS by customers.

With the FOS ruling that 70% of complaints are rejected unfairly over the course of time, this could mean that up to 6.3 MILLION valid PPI complaints have not been handled fairly or escalated to the FOS, which could have saved the banks a whopping £17 BILLION.

What is the Financial Ombudsman Service?

The Financial Ombudsman Service is an independent government body set up to handle complaints that cannot be satisfactorily resolved between a customer and a bank or lender.

It’s duty is to investigate complaints and reach a decision on whether banks have acted fairly, reasonably and in accordance with the regulatory rules.

Why do banks reject so many complaints?

It’s a simple case of financial benefit. As I mention earlier in this post, if it is saving the banks BILLIONS which it clearly is, then banks and lenders will continue to treat customers unfairly.

The risk of a penalty or fine from the Financial Conduct Authority is nothing compared to the BILLIONS saved due to customers not escalating unfairly rejected complaints.

The FCA’s biggest PPI fine to date is £7 million which is hardly a deterrent is it, when you could be saving 10 times, 100 times or even 1000 times that amount by rejecting valid complaints.

What can be done about it?

I’ve already called for banks and lenders to be fined each and every day that the FOS find over half of the complaints they receive have been rejected unfairly.

Unfortunately it’s clear that those who work for the bank regulators are far too close to those who work within the banks themselves.

Indeed, many switch between working for the banks and working for the regulator throughout their careers, so it’s not wise for them to upset potential future employers.

It’s therefore down to customers. DO NOT TAKE NO FOR AN ANSWER.

Escalate your complaint to the FOS and allow them to investigate the complaint independently.

We as a nation of consumers need to ensure it is not financially viable for banks to treat their customers unfairly in order to financially benefit.

How can a Claims Management Company help?

Choosing the right Claims Management Company can assist. Firstly, it needs to be a regulated company.

Your Money Claim is a regulated Claims Management Company that is used to dealing with, and beating, the banks tactics.

We will not let an unfair rejection stand in our way.

We will fight all the way in order to recover compensation for mis-sold PPI. We can safely say that if you’ve been mis-sold PPI, we will get your money back, plus interest.

If you’ve had a rejection from a bank or lender within the last 6 months don’t hesitate to contact us, there’s still a chance of claiming compensation.

 

PPI complaints

PPI complaints

About the author

Daniel Lee

Company Director

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