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MSE News: PPI leads huge complaints spike
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"There was a 20% rise in complaints to financial firms in the 2nd half of 2011, largely driven by debt insurance claims..."
"There was a 20% rise in complaints to financial firms in the 2nd half of 2011, largely driven by debt insurance claims..."
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Comments
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Unfortunately, this is going to lead to many small innocent IFAs and mortgage advisers being forced to pay £850 a time just to be told they did nothing wrong.
Whilst I accept that redress is required where a missale is made, I fail to see how this is fair or how a business can operate on the basis that their customers can blackmail them with this prospect.0 -
No surprises in this story...0
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Yes, that doesn't seem right.magpiecottage wrote: »Unfortunately, this is going to lead to many small innocent IFAs and mortgage advisers being forced to pay £850 a time just to be told they did nothing wrong.
Whilst I accept that redress is required where a missale is made, I fail to see how this is fair or how a business can operate on the basis that their customers can blackmail them with this prospect.
Would seem more fair to charge the company £1,100 if they lose and nothing if they win.0 -
"There was a 20% rise in complaints to financial firms in the 2nd half of 2011, largely driven by debt insurance claims..."
So that means genuine complaints are falling as the number of fraudulent/try-it-on complaints are being reported as 30-50%.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Has anyone been turned down by M & S regarding PPI, we have and so have a number of other people. M & S are denying any misselling - should we pursue through ombudsman?0
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Mrs_Rochester wrote: »Has anyone been turned down by M & S regarding PPI, we have and so have a number of other people. M & S are denying any misselling - should we pursue through ombudsman?
How did M&S mis-sell it to you and what evidence do you have to support that? Although you are probably best asking this on a thread related to your question or better still, your own thread.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I think that's the point of allowing all these mis-selling complaints in the first place. It's indisputable that these policies were widely sold to people who didn't want, need or ask for them.2sides2everystory wrote: »What percentages of sales were fraudulent / try-it-on I wonder? I haven't yet met a PPI salesman who can explain the policy in every detail and I have met large numbers who can make a stab and fail.
Dunstonh commenting that the number of "genuine" complaints appears to be falling is losing sight of what a genuine complaint actually is. Is a genuine complaint only one which the Lender upholds? Is a genuine complaint one which the FOS upholds? Or is a genuine complaint simply one (win or lose) which hasn't been pushed under the nose of the potential complainant by a CMC with an eye for an easy buck?
I'd go with the latter definition0 -
Whichever way I look at it, this is a 'bad news' story, whether its that:
There's more to complain about? or
There's more inappropriate complaining, whipped up by the PPI 'scandal'?
its all a great shame.0
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