The Financial Ombudsman Service (FOS) has launched new forms designed to simplify complaints about Payment Protection Insurance.
Payment Protection Insurance (PPI) mis-selling remains a huge problem. The Ombudsman received over 31,000 complaints last year, a five-fold increase on the previous twelve months.
Reporting on the high number of PPI complaints, FOS observes that, ‘The vast majority of these cases continued to involve disputes about the sale of PPI policies- rather than disputes about the rejection of claims…’. In the year 2008-9, FOS upheld 89% of PPI complaints it investigated.
FOS has two new forms for PPI complaints, ‘to encourage more efficient, co-ordinated and consistent complaints-handling processes across the financial services industry.’ One is a consumer questionnaire, the other a business response form. Each document is designed to gather as many relevant facts and arguments as possible in a single process. They can be downloaded from the FOS website. Consumers can use the new questionnaire immediately and firms will be obliged to use the response form from 1 May 2010
Which? has campaigned on PPI mis-selling for a number of years and helped thousands of consumers gain redress. Money Campaigner, Phil Jones, welcomed the new FOS initiative. ‘For too long consumers have been ripped off through PPI mis-selling and then fobbed off by poor complaints handling by firms. Steps to make the complaints handling simpler and more efficient are good news for all those who believe they have a case.’.
If you have a financial complaint, take a look at our guide to complaining to the Financial Ombudsman.
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