The PPI Financial Ombudsman service handles complaints from the victims of the PPI mis-selling who feel their case has not been handled adequately or satisfactorily by their financial institutions. Customers pursue PPI compensation claims using two routes. Some opt to pursue on their own and save on the exorbitant fees charged by PPI claims management companies while others use the services of these very companies. Some of the borrowers might not have adequate information as to whether they were mis-sold the PPI.
There is a high likelihood that the commercial banks will reject as many PPI compensation claims as possible if there is no clear evidence that a mis-selling was done. That is why the Financial Ombudsman Service has set up a dedicated service to offer consumers a dispute resolution mechanism that they can pursue to ensure their claims are resolved satisfactorily. It is important to note that you only go to the PPI Financial Ombudsman service after a claim that you have filed with your bank has been rejected.
Resources offered by the PPI Financial Ombudsman Service
The PPI Financial Ombudsman Service incorporates a lot of useful information resources that will help you in filing your cases successfully with the various banks and other financial institutions that were involved in the PPI mis-selling such as building societies. For example, the Ombudsman service will provide contact details for all the major banks’ claims handling services. You will also get advice on how you can file your PPI claims.
Where your PPI compensation claims have been rejected by your bank for one reason another and you are not satisfied with the outcome, you can refer your claims case to the FOS for some adjudication. Your case will be assigned to a case worker who will analyze it to determine whether you are truly a victim of PPI mis-selling. Over 80% of the cases that have been referred to the Financial Ombudsman Services have been ruled in the borrower’s favor. So there is a good incentive to proceed with your claims process even after you have encountered some PPI claims rejection from your bank.
Financial Ombudsman Service (FOS) Adjudication
The role of the FOS during this adjudication process is to determine whether there was a mis-selling of the PPI. If this is established, then we have a “slam dunk” case. Basically, the FOS will rule in your favor and the decision will be binding compelling your financial institution to disburse your PPI compensation funds. When the Ombudsman establishes that there was indeed no mis-selling and you are not entitled to any PPI compensation, then there is usually no easy option left for you to press forward with your PPI claims case. You can pursue options such as the courts or Ombudsman review of your case but these not only take time but will also place a huge strain on your financial resources. It may not make financial sense to spend a few thousand pounds in pursuit of a few thousand pounds with an uncertain outcome. You can visit http://www.financial-ombudsman.org.uk/consumer/complaints.htm to learn more about FOS complaints process.