PPI Claims Will Take Time To Get Resolved

Financial Ombudsman Services is a government organization that is especially designed to solve financial disputes between consumers and banks. Latest financial reports stated that about 68% of PPI cases solved by FOS in last quarter of 2011.

London, United Kingdom (prHWY.com) June 20, 2012 - Initially when mis selling of payment protection insurance plan come into noticed then no one has thought that it will become drastic financial problem. But present financial study, figures and statistical reports are directly pointing that it is first financial product which has received biggest number of complaints ever. Big number of complains clearly shows that there are several victims who are looking for getting their money back. Latest financial reports stated that about 68% of PPI cases solved by FOS in last quarter of 2011 go in favor of consumers. This report show that year 2011 has given better outcomes for consumers in comparison of year 2010 where most of the claims have been declined by the banks. Third quarter of 2011 was best for consumers as it gives 92% success rate in favor of mis sold PPI victims.

Financial Ombudsman Services is a government organization that is especially designed to solve financial disputes between consumers and banks. It comes into existence after receiving thousands of complaints against banking institutions and lending agencies. Initially when consumers have made complaints against banks then banks have strictly refuses to pay compensation and say that all payment protection insurance plans were sold after proper concern with the consumers. But when consumers didn't stop to making complaints then British Banking Institution has filed a case against such complaints and also to ensure that these previously sold payment protection insurance plans were not reviewed. Financial Services Authority then implemented new rules for sell of PPI along with reviewing past sells.

All these actions taken by court, FOS and FSA it has been calculated that there are millions of victims facing problems due to Mis Sold PPI. Some cases have got resolved but still there are several victims who are waiting for justification. It has been calculated that it will take time to solve these disputes.

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Tag Words: ppi claims uk, mis sold ppi, ppi

Categories: Finance

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