FOS still getting 4,000 PPI complaints a week

FOS still getting 4,000 PPI complaints a week

Five years after the PPI complaints scandal exploded, the Financial Ombudsman Service (FOS) are still receiving more than 4,000 claims a week.

Their latest half yearly figures show that 69% of the cases referred to them have been unfairly rejected by the banks and in some cases that figure is over 90% (94% CYBG and 91% Lloyds).Read More


FCA scam alert for over 55s

Scam alert for over 55s

Britain’s financial regulator has issued a scam alert for potential investors – especially the over 55s with access to thousands of pounds from their pension funds.

The Financial Conduct Authority ScamSmart scheme believes the over 55s face a ‘heightened risk’ of falling prey to scams designed to separate them from their life savings.Read More


PPI payouts jump by more than £100 million in a month

PPI payouts jump by mofe than £100 million in a sigle month

New figures released by the Financial Conduct Authority (FCA) show that PPI payouts for successful claims have jumped by more than £100 million in a single month.

In February consumers received £423.9 million in compensation – £112.1 million more than was paid out in January.Read More


FOS warns consumers – beware of imposters

FOS warns of imposters

The Financial Ombudsman Service (FOS) has issued a warning to consumers to beware of ombudsman imposters operating a phone and e-mail scam to harvest personal financial data.

In a special statement FOS says: “The scammers are falsely using our name to try to persuade people to reveal details about their personal and financial circumstances.”Read More


Packaged bank accounts – the next mis-selling scandal

The next mis-selling scandal?

Packaged bank accounts have become the most complained about financial product in the UK after PPI.

New figures from the Financial Ombudsman Service (FOS) show 32,700 people complained they had been mis-sold their packaged account in the nine months to December 2015.Read More


A mortgage at 40? You’re too old!

Too old for a mortgage at 40?

Shock figures in a new report reveal that people as young as 40 are being turned down for mortgages because they’re too old.

New borrowing rules require customers to be able to prove their income beyond retirement age and some lenders won’t take pension income into account. Read More


SUCCESS STORY – I recommended it to a friend and he’s been successful too!

Recommended by a friend

Alan Purr was so pleased with the service he got from Gladstone Brookes which brought him compensation of £3,628.86 that he recommended it to a friend who has now had a successful claim in his own right.

Former local authority worker Alan had never taken out PPI as far as he knew because had never had any need of it.Read More


PPI complaints still dominate FOS workload

PPI still half of FOS workload

The scandal of mis-sold PPI continues to dominate the workload of the Financial Ombudsman Service (FOS) with more than 92,000 complaints registered in the second half of 2015.

PPI makes up 56% of the total FOS workload with the number of complaints – a fact which has surprised chief ombudsman Caroline Wayman.Read More


FCA starts PPI deadline consultation

PPI deadline consultation

Britain’s financial watchdog has fired the starting gun for its consultation on a deadline for future PPI claims and confirmed its support for the idea.

The Financial Conduct Authority (FCA) paper asks for anyone who sold PPI policies, claims management companies and consumers to give their views on how a deadline would work, how the FCA would communicate it to consumers and how that strategy would be paid for. Read More


SUCCESS STORY – I’m back on my feet – it’s taken the pressure off

success story

HGV driver Andrew Clayton had to wait a long time to get all of his PPI compensation after a claim he made against Egg in May 2013 was initially rejected by the company.

A second claim against Virgin Money was settled in October 2013 when their rejection was overturned by the Financial Ombudsman Service (FOS) after the case was appealed on the recommendation of Gladstone Brookes.  Andrew received £1,083.59 in compensation.

Appeal

The Egg rejection was appealed to the bank at the same time, but was again rejected by them so the Gladstone Brookes specialist team recommended it be appealed with FOS ….. and that appeal was to last almost two years!

But at the end of it FOS agreed the claim had been wrongly rejected and ordered Egg to pay Andrew compensation which totalled £22,216.40!

No idea

Said Andrew: “I knew I had PPI because when I went for the loan I was given the impression that if I didn’t have the insurance I might not get the loan, but I still had no idea how much I might get back.

“I thought it might be enough for a new pair of shoes and I was amazed with how much I actually got back.  It was well worth the wait.  I’m back on my feet – it’s taken the pressure off.

Service

“The service from Gladstone Brookes was very slick and very professional.  I gave them the basic details and they took it all from there, including making the appeals to FOS,” he added.