Financial Ombudsman Services for Payment Protection Insurance

Financial services authority was engaged in major activities related to PPI regulations and court activities. Financial Ombudsman services have also participated equally in overall process.

London, United Kingdom (prHWY.com) July 5, 2012 - Financial services authority was engaged in major activities related to PPI regulations and court activities. Financial Ombudsman services have also participated equally in overall process. Ombudsman was created in 2001 after market act of 2000. It works to sort out the disputes between consumers and banks on PPI claims. Ombudsman doesn't have legal authority to enforce its decisions. Decisions given by Ombudsman can be considered in courts.

When any Mis Sold PPI claim case brought to the organization then it review the case impartially and consider two things before giving any decision. First thing to be considered is the circumstances in which PPI was sold. For this it looks at:

* When did the customer receive documents- before, after or during the sells?
* Training materials that staff members were using at the time of sell
* Available records if deal was conducted over phone
* Recollections about the sales that staff or customer have
* Information passed by company regulator

The framework of sales process of policy seller is second important thing reviewed by the Ombudsman to find out whether the PPI is mis sold or not.
Information provided by the bank and consumers are very important here. They review that:

* Whether consumer was informed after signing the form or before
* Whether staff told directly about PPI plan or consumer found it after reading the documents
* When and how was information given to the consumer?

At the end ombudsman find the answer of below mentioned two questions.

* Was the customer was enough informed to take decision?
* Were bank staffs just selling the policy instead of giving advice?


Ombudsman final decision is completely based upon the answer of these two questions. Ombudsman service process is too long and in some cases it takes over 12 months. If you want then take help of third party claim management firm. It will become easier to reduce stress of PPI claims process.

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

Categories: Finance

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