MSE News: Ombudsman recruits extra staff to beat PPI logjam 26 March 2012 at 12:45PM in Reclaim PPI & other insurance 39 replies 4.5K views

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"The Financial Ombudsman Service has moved to tackle the huge delays for consumers who reclaim mis-sold PPI..."

Read the full story:
Ombudsman recruits extra staff to beat PPI logjam

[Deleted User]

If it speeds the process for those waiting months (and months) then this can only be a good thing.

Premier_2

Where/how does someone apply for one of these positions?

magpiecottage

Premier wrote: »

Where/how does someone apply for one of these positions?

Write and ask?

Be warned, though, friends of mine who have been there have hated it.

roonaldo

Ive been there, its good but its tough. They are mostly all contractors (like myself) who deal with adjudicating on PPI. I hear its better now, now Deloitte are not managing it.

Ranstad Financial resource for the position (www.ranstad.co.uk). Its £205 per day if you have experience.

Pincher

Marvellous, agency gets £200 a day, contractor gets £205?

We'll be lucky if the tax payer manages to get £405 worth of payout for every £405 spent.

roonaldo

Sorry I dont understand what you mean, FOS is funded by the banks/FS firms and FOS dont make payouts. Its currently a £500 referal fee to firm, going up soon to £850 for PPI complaints referred.

~Brock~

Are we really naiive enough to think that all these £500/£850's wont come back to haunt consumers in future product pricing?

roonaldo

~Brock~ wrote: »

Are we really naiive enough to think that all these £500/£850's wont come back to haunt consumers in future product pricing?

you are spot on, also the £3.2 billion that the Lloyds group are spending on PPI.

The customer will pay for it in the end!

[Deleted User]

roonaldo wrote: »

The customer will pay for it in the end!

Just like millions of them paid for expensive, often useless, PPI policies?
The big Banks have more than enough resources to absorb these costs. I doubt we'll see any big price hikes in their goods and services for example, as customers will just shop elsewhere.

Pincher

roonaldo wrote: »

Sorry I dont understand what you mean, FOS is funded by the banks/FS firms and FOS dont make payouts. Its currently a £500 referal fee to firm, going up soon to £850 for PPI complaints referred.

I assumed FSA (if it's still called that) and FOS are government funded, otherwise it's rather incestuous. If the banks are really paying for the FOS, they need to fine the bad banks, on top of the payouts, so the good banks don't pay for the extra admin, which just end up getting paid for by the bank customers.

Contractors hired through agencies give a cut to the agency, Temps can easily get less than the agency per day.

Permanet staff hired through agencies has a fee of three to six months salary paid by the employer.