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The ombudsman appeal waste of time or not ?
Steve_Handbag
Posts: 28 Forumite
I have an endownment that i am positive was sold to me incorrectly.
Ok i was younger and nieve but i still remember the chap saying.
Yes endowment is the best option because at the end there will be a lump some after paying what i owed.
Obviously not.
At that time in the early ninety's everyone was doing the same thing.
I have had my appeal sent back with a form to appeal to the ombudsman.
Has anyone else had an appeals work ?
Ok i was younger and nieve but i still remember the chap saying.
Yes endowment is the best option because at the end there will be a lump some after paying what i owed.
Obviously not.
At that time in the early ninety's everyone was doing the same thing.
I have had my appeal sent back with a form to appeal to the ombudsman.
Has anyone else had an appeals work ?
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Comments
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cases will be considered on individual merit. You may win, you may lose but if you dont try you will never know.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I have sent it in, i just wondered if anyone had been succesful0
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The recent stats were published and although I cannot recall the figures exactly, it was around 20% who had success through the FOS.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
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More like 50% IIRC.
Trying to keep it simple...
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50%? You wish
I looked it up and it is the following:
Latest stats on FOS upheld complaints show that out of 650,000 people who take the complaint to them each year, only 110,000 are upheld. So, whenever you go to the FOS, it is worth noting that they have upheld only around 17%. (figures from Tony Boorman, principal ombudsman and decisions director of the FOS)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 -
dunstonh wrote:50%? You wish
I looked it up and it is the following:
Latest stats on FOS upheld complaints show that out of 650,000 people who take the complaint to them each year, only 110,000 are upheld. So, whenever you go to the FOS, it is worth noting that they have upheld only around 17%. (figures from Tony Boorman, principal ombudsman and decisions director of the FOS)
How many of these relate explicitly to endowment miss-sales Dunston?
regards Vinno0 -
in last report ( about a year ago) it was 2/3 that related to endowmentAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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Last compliance meeting for a certain network said that on endowments alone, FOS uphold rate for them was just below 40% although that was on a downward trend.
I guess it really depends on the provider. I wouldnt be surprised if some are closer to 100% whilst others are much lower (further supporting the view that those that cause the troubles should pay for the bloody thing and not those that don't).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 -
on endowments alone, FOS uphold rate for them was just below 40%
Yes more like 50% as I said. Trying to keep it simple...0 -
Nice to see we are still in the world of lies damn lies and statistics.
Of all the cases originally referred to FOS, ie asked for a form. many people give up once they see the paperwork. From the last stats I saw only approximately a third of original referrals make it all the way through to an adjudication with around half of those being found in the customers favour.
Remember that many people, when faced with repreated requests for more information and further detail fail to respond and have their cases summarily closed.
Ignoring time bar cases which we fought with FOS for two years, of those we refer to FOS we win 75-80%. So the question is, are consumers being disadvantaged by the system? Seems to be from our end0
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