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  • FIRST POST
    • MSE Guy
    • By MSE Guy 28th Mar 12, 11:40 AM
    • 1,628Posts
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    MSE Guy
    MSE News: PPI leads huge complaints spike
    • #1
    • 28th Mar 12, 11:40 AM
    MSE News: PPI leads huge complaints spike 28th Mar 12 at 11:40 AM
    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..."

    Read the full story:
    PPI leads huge complaints spike


Page 1
    • magpiecottage
    • By magpiecottage 28th Mar 12, 11:55 AM
    • 9,114 Posts
    • 5,584 Thanks
    magpiecottage
    • #2
    • 28th Mar 12, 11:55 AM
    • #2
    • 28th Mar 12, 11:55 AM
    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.
    • Moneyineptitude
    • By Moneyineptitude 28th Mar 12, 11:55 AM
    • 23,604 Posts
    • 12,940 Thanks
    Moneyineptitude
    • #3
    • 28th Mar 12, 11:55 AM
    • #3
    • 28th Mar 12, 11:55 AM
    No surprises in this story...
    • JimmyTheWig
    • By JimmyTheWig 28th Mar 12, 1:02 PM
    • 11,848 Posts
    • 11,390 Thanks
    JimmyTheWig
    • #4
    • 28th Mar 12, 1:02 PM
    • #4
    • 28th Mar 12, 1:02 PM
    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.
    Originally posted by magpiecottage
    Yes, that doesn't seem right.
    Would seem more fair to charge the company 1,100 if they lose and nothing if they win.
    • dunstonh
    • By dunstonh 28th Mar 12, 2:01 PM
    • 98,265 Posts
    • 66,487 Thanks
    dunstonh
    • #5
    • 28th Mar 12, 2:01 PM
    • #5
    • 28th Mar 12, 2:01 PM
    "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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mrs Rochester
    • #6
    • 28th Mar 12, 2:17 PM
    M & s
    • #6
    • 28th Mar 12, 2:17 PM
    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?
    • dunstonh
    • By dunstonh 28th Mar 12, 2:28 PM
    • 98,265 Posts
    • 66,487 Thanks
    dunstonh
    • #7
    • 28th Mar 12, 2:28 PM
    • #7
    • 28th Mar 12, 2:28 PM
    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?
    Originally posted by Mrs Rochester
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 28th Mar 12, 3:16 PM
    • 23,604 Posts
    • 12,940 Thanks
    Moneyineptitude
    • #8
    • 28th Mar 12, 3:16 PM
    • #8
    • 28th Mar 12, 3:16 PM
    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.
    Originally posted by 2sides2everystory
    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.
    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 definition
    Last edited by Moneyineptitude; 28-03-2012 at 3:19 PM.
    • oldvicar
    • By oldvicar 29th Mar 12, 3:23 AM
    • 1,068 Posts
    • 944 Thanks
    oldvicar
    • #9
    • 29th Mar 12, 3:23 AM
    • #9
    • 29th Mar 12, 3:23 AM
    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.
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