With Mis-sold PPI hitting banks hard in the modern day, many consumers are asking Financial Ombudsman officials to release names. This naming and shaming will hopefully cease future bank divergences.
The Financial Ombudsman Service (FOS) is an independent establishment that boasts to settle disputes between both financial firms and consumers.
Complaints made by customers have ranged from 5% to 98% across both building societies and banks. Due to these complaints, the FOS has had to train 650 full-time staff. All of the employees will be dealing solely with PPI claims. Despite this, complaints are still not being dealt with.
The Guardian Money sector recently released information on a series of ongoing complaints, stating that consumers were waiting almost 12 months just to receive a response.
The volume of PPI complaints has doubled massively over the past year. Instead of decreasing, complaints have actually increased and appear to be continually increasing.
The FOS, in fact, expects to see 285,000 new cases in 2012 alone. They also go on to state that although a huge number of consumers have already filed a complaint; many are still waiting to receive PPI compensation.
A significant number of policy holders have only recently come to realise that the PPI insurance they took out is, in fact, useless. If they were self-employed or retired, then a PPI claim could not be made.
The original policies stated that PPI would cover the policyholder in the event of sickness or unemployment and as such, would cover card debts.
However, many people are learning the hard way that many of these policies did not apply to their individual circumstances. As such, they were essentially redundant and could never have been fully utilised.
It is an alarming situation which was allowed to run and run for far too long, but consumers are now beginning to fight back.
