What Role Does the Financial Ombudsman Play in PPI Claims?
There are many different organisations that can be involved in a PPI claims process, from the banks themselves to third-party claims companies. Another service that you can opt to include in your claim is the Financial Ombudsman, but what is it, and how can it help you?
Making a PPI claim can be a complicated and elongated process. However, the rewards are worth the investment. The average PPI claims payout is £1,700, with some individuals even seeing compensation of over £100,000. Reclamation of this kind of life-changing money is always going to require a bit of work, but when it comes to PPI claims, there are plenty of support structures and services available to help ensure it goes as smoothly as possible — and that you are given the best chance at a fair claim.
One such available support structure is aid from the Financial Ombudsman Service (FOS) for PPI claims, which can get involved in the process at your request, or the request of a PPI claims company that is working with you to make your mis-selling complaint.
Many people who make PPI claims don’t get the service involved, even when they should — as it would help support their compensation process. But why is the Financial Ombudsman Service important when it comes to PPI claims?
The Financial Ombudsman Service: What Is It?
The Financial Ombudsman Service is the official government agency established to help UK citizens understand and resolve disputes and problems with financial service providers. A non-profit organisation set up by Parliament, its services are free for all to use, and it will consider all matters brought forward, if appropriate and applicable.
The concept behind the Financial Ombudsman is that it exists to take an impartial look at complaints relating to financial matters that occur either between businesses or between a private individual and a business. It will take on all evidence provided and investigate the incident without bias towards either party. The Financial Ombudsman is not just an adjudicator that creates a report that you can then use to support a claim; it also has the legal power to ensure payments are made when ruling in favour of a claimant, or to provide an ultimate decision that money is not owed if ruling in favour of the service provider.
The Financial Ombudsman will look at settling disputes over a variety of different financial concerns, including:
- Bank accounts and interest payments
- Credit card loans, payday loans, mortgages and business loans
- Repayment plans and debt collections
- Pensions and savings accounts
- Finance agreements and insurances
Basically, the Financial Ombudsman service will involve itself in and support any disputes that include monetary complaints. This includes PPI claims.
Financial Ombudsman and PPI Claims: What Role Does It Play?
When it comes to the Financial Ombudsman and PPI claims, its involvement lies in the resolution of complaints that a business is failing to either take seriously or pay out on. As a dispute resolution organisation, you would contact the Financial Ombudsman, or have your claims company contact the organisation, if the bank you believe mis-sold you PPI is refusing to pay the compensation you are owed.
At this point, the FOS would investigate the PPI claim you have made, looking at the evidence you have and the reasoning behind the refusal to pay by the bank. It can take the information you’ve provided and the records you have, and perform checks into the history of the bank’s financial conduct relating to your specific case. It will conduct an analysis from both sides of the table, taking a unique look at each PPI dispute to offer up an unbiased and impartial resolution.
Why It Is Important You Involve the Financial Ombudsman In Your PPI Claim
You may find that you make a PPI claim and that it is rejected by the bank.
If you have strong evidence that you are owed PPI compensation, however, the bank is not the authority that decides if it should or shouldn’t pay you. As a private individual, you do not have the ability to force the repayment, but the Financial Ombudsman does. It can ensure PPI claims are paid in full when a policy was mis-sold yet payout is refused by the service provider.
Do not accept the decision of the bank that has mis-sold you PPI when a claim is rejected. If you are confident you have a claim to make, and you believe you have sufficient evidence — or your circumstances suggest that you were, in fact, mis-sold PPI by the service provider — the Financial Ombudsman can and will run a free investigation into your claim. If successful, this can result in large payouts you may have otherwise missed out on if you merely accepted the bank’s decision.
The Financial Ombudsman ensures PPI claims are handled fairly, making it an essential support service for anyone in the process of claiming for mis-sold Payment Protection Insurance.
Logican provides software for the best PPI claims companies available in the UK. Many of these brands will work with the Financial Ombudsman on your behalf to help settle claims when disputes arise.