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 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
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
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
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.
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!
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.
“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.
Top finance experts are speculating that Lloyds Banking Group (LBG) will take another £1 billion hit for the mis-selling of PPI before the end of the year.
Richard Partington of Bloomberg Business says: “Lloyds Banking Group will probably take a further £1 billion charge for wrongly sold loan insurance in the year’s second half, undermining efforts to clean up the bank as the government prepares to sell shares to individuals.”Read More