MSE News: Major delays in Ombudsman PPI rulings

tifo

Alpine_Star wrote: »

The FOS is due to be subject to the Freedon of Information Act from October 2011 so you could ask them then.

That's good news, though i think a person would get MORE info through a DSAR?

machine22

This reply is specifically for the person who posted on here that works for the FOS and commented on the 'shocking' levels of 'try it on' complaints.

Most consumers don't have a clue about finance and what they've been sold. They could have been sold an excellent product or a absolute dud. They just don't know. Should they do nothing or complain?

Unfortunately many people don't have GCSE's in Maths and English and can't jump through the hoops that the more deserving ''genuine'' complainants can get through. Taking the consumer's weakened position into account used to be a real strength of the FOS but they seem to be losing this ethos (PPI uphold rates have dropped from 89% to 73%).

If someone has a FirstPlus loan and they start a 'try it on' PPI complaint without being able to articluate any complaint points is this frivolous?

How many Eisis or Ocean Finance PPI complaints were started on a ''whim'' or because of an advert and how many were found by the FOS to be justified?

If someone knew all the things that were wrong with PPI would it even have been mis-sold?

Remember that the FSA have said the onus is on the financial industry to show they acted fairly because they were making the 80% - 90% profit margins on the 5 Billion a year industry -this had to be at someone's expense.

tifo

machine22 wrote: »

Unfortunately many people don't have GCSE's in Maths and English

Come on, this is unfair .... are you saying intelligence is associated with GCSE's? There are MANY multi-millionaires who left school with no qualifications and yet have got through life, like many other people.

machine22

Sorry that didn't come across how I intended. The 'unfortunately' was supposed to be sarcastic - change 'GSCS' to 'masters degree in maths and english' and the sarcasm might be more obvious!

what I'm trying to say is that not everyone has five years to go away and understand the rule of 78 before painstakingly making a complaint. Just because people can't remember the wording of a conversation that happend eight years ago doesn't mean their complaint is unfounded. People shouldn't be put off or made to feel like a 'fraudster' for claiming just because they don't understand financial jargon (quite frankly, half the times its whole purpose is to confuse).

Anyway people without GCSE's contribute far more to this country than the @%$*'s in finance that have basically bankrupted us at the moment.

tiggrae

roonaldo wrote: »

I work at FOS. I have to call consumers to discuss the complaint on every case, it is shocking the amount (far more than 0.4%!!) that are frivilous try it on complaints. I call and say to consumer "why do you feel the PPI was mis-sold?". They often reply "the CMC told me it was" or "dont know". I would estimate from experience perhaps 50% are try it ons.

Another shocking thing is the amount of complaint FOS gets where no PPI was even sold and even consumers complaining that they were not sold PPI. Shocking.

I have to say this doesn't ring at all true, finance companies have 8 weeks in which to resolve complaints, if a claim is put forward where there is no PPI - they say so within the 8 week period - once you have that information you can't take a claim to the FOS. Also, people do get confused, they take out many loans and don't have the paperwork - so many times PPI was just added on they end up not knowing which loan was which and which had PPI (usually all) and which didn't.

dunstonh

I have to say this doesn't ring at all true, finance companies have 8 weeks in which to resolve complaints, if a claim is put forward where there is no PPI - they say so within the 8 week period - once you have that information you can't take a claim to the FOS.

You can take it to the FOS if you disagree with the outcome. Many claims companies will automatically take a case to the FOS if its rejected irrespective of the reason. a) i swear half the people working for claims companies havent got a clue b) it delays any refund the claims company may have to make for not having any success

tiggrae

dunstonh wrote: »

You can take it to the FOS if you disagree with the outcome. Many claims companies will automatically take a case to the FOS if its rejected irrespective of the reason. a) i swear half the people working for claims companies havent got a clue b) it delays any refund the claims company may have to make for not having any success

hmm see where you're coming from, it's the 'rogue' CMC's that give the rest of us a bad name !

tifo

machine22 wrote: »

Sorry that didn't come across how I intended.

That's fine. I do understand that a degree in Financial Economics from LSE is required to make an attempt at understanding some of the banks' terms and conditions. :T

dunstonh

tiggrae wrote: »

hmm see where you're coming from, it's the 'rogue' CMC's that give the rest of us a bad name !

Something that is suffered in our field with tied agents/sales reps and overuse of the title "adviser" when the person isnt an adviser in the regulated or qualified sense.

Assuming you are not one of these dodgy claims companies, you must be mightily frustrated by the sheer volume of these fly-by-night try-it-on claims companies that are clearly doing massive damage to the those that are not.

tiggrae

dunstonh wrote: »

Something that is suffered in our field with tied agents/sales reps and overuse of the title "adviser" when the person isnt an adviser in the regulated or qualified sense.

Assuming you are not one of these dodgy claims companies, you must be mightily frustrated by the sheer volume of these fly-by-night try-it-on claims companies that are clearly doing massive damage to the those that are not.

without a doubt - it's those that go for money up front, I've one client who was told she could potentially get £95k back on 8 mortgages but they wanted £5k up front. When I looked at them, they were all 'buy to let' where you don't have PPI ! As I said to her, 'good job you didn't hand over the £5k' It's infuriating