The Financial Ombudsman Service (FOS) has said that almost all of the claims that it rejects as unacceptable concern PPI enquiries where in fact no coverage was in fact bought by complainant.
The Financial Ombudsman Service says that from the record 222,333 disputes it acted in throughout the year last year, 2.5% matters ended up in the bogus category, which had been significantly up on the 0.9% or just above the 1,000 cases reported within the previous 12 months.
Even though there may be worries on the much higher figure of bogus complaints, it can undoubtedly be simply down to the fact that last year saw the highest number of PPI complaints than at any other time. The FOS received nearly 160k complaints about PPI this past year, the largest amount it has ever been given about a financial product. The released statistics also revealed that 64% of consumers gained payment in cases resolved last year.
The Chief Financial Ombudsman, positioned at least some of the responsibility for the amount of bogus complaints at the door of the claims management companies. She added that though it was understandable for individuals to ask at their loan company about whether they were in fact sold payment protection insurance, claims management companies were not helping the situation by asking for money in advance from some who never even had a PPI policy, and therefore they are even worse off.
Approximately 70% of the payment protection insurance complaints that went to the FOS involved claims management companies and the ombudsman has put its voice together with customer groups in stating that individuals can be equally as successful should they claim themselves and, because claims management companies normally charge a fee of around 25% from the sum claimed, it would be cheaper to take this approach as well.
Sarah Brooks, director of financial services at Consumer Focus, remarked that Payment protection insurance was a continued nuisance of the profession and said that customers shouldn't have to take their complaints all the way to the ombudsman in order to get back from the banks the compensation they may be due.
The Financial Ombudsman Service says that from the record 222,333 disputes it acted in throughout the year last year, 2.5% matters ended up in the bogus category, which had been significantly up on the 0.9% or just above the 1,000 cases reported within the previous 12 months.
Even though there may be worries on the much higher figure of bogus complaints, it can undoubtedly be simply down to the fact that last year saw the highest number of PPI complaints than at any other time. The FOS received nearly 160k complaints about PPI this past year, the largest amount it has ever been given about a financial product. The released statistics also revealed that 64% of consumers gained payment in cases resolved last year.
The Chief Financial Ombudsman, positioned at least some of the responsibility for the amount of bogus complaints at the door of the claims management companies. She added that though it was understandable for individuals to ask at their loan company about whether they were in fact sold payment protection insurance, claims management companies were not helping the situation by asking for money in advance from some who never even had a PPI policy, and therefore they are even worse off.
Approximately 70% of the payment protection insurance complaints that went to the FOS involved claims management companies and the ombudsman has put its voice together with customer groups in stating that individuals can be equally as successful should they claim themselves and, because claims management companies normally charge a fee of around 25% from the sum claimed, it would be cheaper to take this approach as well.
Sarah Brooks, director of financial services at Consumer Focus, remarked that Payment protection insurance was a continued nuisance of the profession and said that customers shouldn't have to take their complaints all the way to the ombudsman in order to get back from the banks the compensation they may be due.
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