Frequently Asked Questions
Who is the Financial Ombudsman Service (FOS)?
The FOS is an independent and impartial service set up by parliament. They are there to sort out complaints that consumers and businesses are unable to resolve. If we disagree with the decision that the lender has made, we have no other option than to use FOS to try and overturn the lender’s decision.
Why has my claim been rejected?
We still believe your case has merit, however, your lender has decided to reject it. This means that we now have to send your case to the Financial Ombudsman Service (FOS) for them to establish whether or not they feel the lender’s decision was fair and correct.
Will I be charged extra for the FOS referral?
The lender’s decision to reject your case will now result in additional time and effort having to be spent in order to progress your case. However, Gladstone Brookes will not charge you anything extra to refer the matter FOS. Our fees remain the same at 20% + VAT° of the total redress offered by your lender.
How long will this process take?
Unlike us, the FOS are not bound by deadlines and are contending with a backlog. They are currently stating that their investigations can take between 18-24 months from the date in which they receive an appeal. Until the adjudicator reaches their decision, the lender is not obliged to provide you with any compensation so we must wait for the appeal to be concluded.
What will happen if I am unsuccessful with FOS?
We will review any rejection and decide the best course of action. Sometimes we can appeal their initial decision to an ombudsman, however, we would need to be able to provide fresh evidence to appeal this. This is why it is so important to provide as much information as possible in the first instance. Therefore, when you fill in the form, please try to remember:
- When you were sold the policy? E.g. year, month, dates?
- How it was sold to you e.g. phone, internet, post
- Who sold you the policy, do you remember the name of the advisor?
- Where you were at the time e.g. in a branch, which one?
- What did the advisor tell you about the PPI, if anything? Were costs mentioned?
- Your circumstances at the time e.g. retired, self-employed?