PPI Reclaiming discussion Part III

marshallka

Chief ombudsman Walter Merricks said: "So it looks as if responding to large-scale surges in complaints driven by 'single-issue' consumer campaigns (usually led by the media and harnessed by the power of the internet), is now becoming a regular feature of our workload."

The FOS was originally established to deal with individual disputes relating to one-off issues, not numerous similar complaints, all involving the same financial product or problem.

Merricks called for 'single-issue' complaints to be addressed collectively, or the ombudsman would "be faced with mass surges of these single-issue complaints".
He added that such a situation "may result in our being accused of acting as a surrogate regulator – but that may be inescapable".
"Of course, the ideal solution would be for all financial businesses to treat their customers fairly (and to put things right when they go wrong) – either because businesses recognise this is the right thing to do, or because of effective regulatory scrutiny," Merricks said.
"Where this does not happen, and a single issue arises that directly affects very large numbers of consumers, it would surely best be resolved collectively – rather than relying on individual consumers each having to make their own separate complaint.

"If there has been widespread consumer detriment, widespread redress is needed."

http://www.ftadviser.com/FTAdviser/Regulation/Regulators/FOS/News/article/20081211/7c9f56d0-c793-11dd-bbc9-00144f2af8e8/FOS-inundated-with-singleissue-complaints.jsp

booi666

di3004 wrote: »

You are :rotfl: :rotfl: :rotfl: lol:D

:cool: :cool: :cool:

marshallka

di3004 wrote: »

Marshallka why did I think you were my age hun?

Arh I may be confused here, your a Leo like me that's what it is, the King of the jungle

Its cause of the birthdays around the same time but I am older....only just though...;)

di3004

marshallka wrote: »

Chief ombudsman Walter Merricks said: "So it looks as if responding to large-scale surges in complaints driven by 'single-issue' consumer campaigns (usually led by the media and harnessed by the power of the internet), is now becoming a regular feature of our workload."

The FOS was originally established to deal with individual disputes relating to one-off issues, not numerous similar complaints, all involving the same financial product or problem.

Merricks called for 'single-issue' complaints to be addressed collectively, or the ombudsman would "be faced with mass surges of these single-issue complaints".
He added that such a situation "may result in our being accused of acting as a surrogate regulator – but that may be inescapable".
"Of course, the ideal solution would be for all financial businesses to treat their customers fairly (and to put things right when they go wrong) – either because businesses recognise this is the right thing to do, or because of effective regulatory scrutiny," Merricks said.
"Where this does not happen, and a single issue arises that directly affects very large numbers of consumers, it would surely best be resolved collectively – rather than relying on individual consumers each having to make their own separate complaint.

"If there has been widespread consumer detriment, widespread redress is needed."

http://www.ftadviser.com/FTAdviser/Regulation/Regulators/FOS/News/article/20081211/7c9f56d0-c793-11dd-bbc9-00144f2af8e8/FOS-inundated-with-singleissue-complaints.jsp

Blimey over 25,000 PPI complaints and I bet there will be even more this year :eek: , the majority of these are highly likely to be FP.

Bank charges stood at 30,000......:eek:

di3004

booi666 wrote: »

:cool: :cool: :cool:

am I missing something here....:rolleyes: :rotfl: lol

di3004

marshallka wrote: »

Its cause of the birthdays around the same time but I am older....only just though...;)

30th July mine, yours just before or after?

di3004

My ex was older, certainly wasn't wiser......:mad: and I don't care if he reads this lol:rotfl: which is very unlikely, he will be on the :beer:

booi666

Verse 2

I sit here waiting for all my replies to come through

Theyve had there 40 days now i dont know what to do

I need to get back on the phone

To the financial ombudsman

Only to be told

That they will help me if they can

i really sick of waiting

For these robbing cu--s to call

cos i really need my refund now

so i get !!!!ed and have a ball

di3004

booi666 wrote: »

Verse 2

I sit here waiting for all my replies to come through

Theyve had there 40 days now i dont know what to do

I need to get back on the phone

To the financial ombudsman

Only to be told

That they will help me if they can

i really sick of waiting

For these robbing cu--s to call

cos i really need my refund now

so i get !!!!ed and have a ball

:rotfl: :rotfl: , this is sooooo great.....:T :T , although I'm still practising the first verse.....:eek: , still its all PPI related lol:D

booi666

di3004 wrote: »

:rotfl: :rotfl: , this is sooooo great.....:T :T , although I'm still practising the first verse.....:eek: , still its all PPI related lol:D

I need some vocal harmonies on this ladies:rotfl: