FOS warns on scammers in £6 million sting

FOS warn on scams

The Financial Ombudsman Service (FOS) has warned that scammers and con-men have ripped off £6 million from UK consumers in just three months.

The total bill for the last 12 months was £775 million.Read More

SUCCESS STORY – £42,332.59 payout on a Debenhams store card

£42,332.59  on a store card

When Linda Cook was out shopping in Debenhams in the summer of 1985 she was persuaded to take out one of their store cards by the assistant on the till.

Said Linda: “I was sold it on the benefits and discounts I would receive as a store card holder and nothing was mentioned about PPI.Read More

SUCCESS STORY – FOS success brings total PPI payout to £11,670.62

PPI success story

Like thousands of other people Ian Jefford had no idea whether or not he had PPI attached to any of the loans he had taken out with Lloyds in the past.

“I had no proper paperwork,” he said, “but when I saw the TV advert I thought I’d give it a go on their no win no fee terms.”Read More

Will store cards be the next big PPI scandal?

Store cards PPI scandal

Thousands of people may unknowingly be owed billions of pounds in compensation for PPI attached to store cards.

It has emerged that some of these ‘hidden’ claims could go back as long as 40 years as consumers were sold PPI without their knowledge when they took out a card in store.Read More

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