The Financial Ombudsman Service (FOS) is a service dedicated to preserving consumer confidence by resolving lender and borrower disputes. It tackles more than 8000 complaints weekly. Huge numbers of PPI complaints today take at least half of its workload per week. You do understand how claims management companies handle your loan, but have you an idea how the FOS handles things?
1. Explained and Beneficial Terms and Conditions are OK
In cases wherein the FOS sees that the lender has explained through a phone call that certain conditions of a person can be excluded, then that PPI complaint is rejected. If banks recommend a product where they explain every detail, including exclusions of policies, then the consumer has no right to complain because it was a proper way to recommend a product.
2. A Better Benefit
Consumers with employee benefits that outweigh what PPI or other insurance policies may have purchased PPI under pressure. If banks had said that customer could get an alternative product to boost their chances of loan or financing application and the benefits are smaller, then it will decide to compensate the consumer.
3. The Self-Employed
Individuals with personal self-employed licenses have the right to gain compensation only if they received the product’s terms and conditions after their application. Some policies require self-employed individuals to be employed in the company to receive their benefits, which really isn’t a very helpful proposition.