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PPI Mis-Selling Changed The Face Of UK Financial Industry

There is no doubt that the wide-scale mis-selling of payment protection insurance (PPI) in the UK has changed the face of the financial services industry.

Piggy -bank

PPI continues to be a growing issue for consumers. The Financial Services Ombudsman (FOS), receives on average 1,500 new cases each day, a figure that could increase with the PPI compensation deadline only a few months away.

FOS has also said that they are finding PPI cases being referred to them are increasingly complex but are still finding in the case of the consumer in the majority of cases.

PPI is the most complained about financial product that the FOS has ever received.

What to do to claim PPI compensation

Contact your lender

The first step in claiming PPI compensation is to contact your lender. You can either do this yourself or by using an intermediary, such as Payment Protection Scotland.

We specialise in making PPI compensation claims, and nothing else. So you know when you come to us, you are coming to an expert company.

Refer your case to FOS

If your bank or lender refuses your claim for PPI compensation, you may be unhappy with this decision. You can ask FOS to take a look at your case and decide if they think you have a claim for PPI compensation.

If they do, they will tell your bank to compensate you and how much.

They are independent of government and more importantly from the banks and lenders at the centre of the PPI mis-selling scandal.

Takes time

Due to the large number of cases being referred to FOS, you may find that your case will take some months to resolve. The complexity and nature of your claim will also have an impact on how long it will take to resolve.

What the FOS look at when decided whether to uphold the complaint, they will examine two areas:

  • Did your bank or lender give you clear, fair information, that was not misleading in any way about the purchase of PPI?

In other words, your bank or lender should have given you plenty of information, that was clear to understand and highlighted any shortcomings in relation to your circumstances.

  • Did the bank take suitable steps to ensure PPI was suitable for your needs?

A simple example would be anyone that had a pre-existing medical condition should have been made aware of this limitation.

FOS then make a decision based on evidence and in most cases, it has to be said, they do find in favour of the customer.

We can help you not only decide if you have a claim for PPI compensation but also submit your claim.  So why not call Payment Protection Scotland today?

 

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