PPI: What the Financial Ombudsman Says
Payment protection insurance claims must have accounted for a substantial percentage of the Financial Ombudsman’s workload in recent years, with claims from the Ombudsman’s department suggesting over 200,000 PPI complaints had been received. A watchdog designed to help guarantee fair play to consumers within the realms of the law, the Ombudsman has the ability to deliver potentially legally enforceable decisions, binding to both parties should the consumer so wish. As a result, its involvement in the PPI saga has been extensive, and its opinion on the mis-selling allegations clear.
While the Ombudsman cannot uphold every complaint referred to it by consumers, it is nevertheless taking a daily stand against the mis-selling practices, helping consumers achieve a just settlement from the lender. In circumstances where lenders don’t play ball, the Ombudsman can be invoked to cast its opinion, and while the Ombudsman itself is more distant than the FSA or the OFT as far as the merit of complaints are concerned, it has and will continue to handle complaints at the coal face of the PPI scandal.
The Ombudsman can get involved at any time from 8 weeks beyond the initial complaint to the lender, and their decision can be legally binding if the consumer feels it is beneficial. Given that the Ombudsman enjoys a wider remit and is bound by lesser restrictions than the courts, they are at liberty to make more commons sense decisions, and so the benefits of invoking the help of the Ombudsman if your claim gets obstructed can be significant.
If you’ve taken out a loan within the last several years, you may have been affected by PPI mis-selling, and may be entitled to compensation from your lender. Get in touch with UK PPI Claims today to find out more about whether you are entitled to compensation.