PPI or payment protection insurance, the most notorious financial scandal in the United Kingdom, always names the big banks who have done so much bad for consumers it hasn’t been the same for anybody ever since for consumer financial products.
The FOS might only show snapshots of bank and ombudsman uphold rates, but these numbers show something else. These banks are still rejecting legitimate complaints from consumers. Lloyds has suffered an immense 86 per cent uphold rate from the Ombudsman on all its rejected PPI complaints.
It’s not just Lloyds though. All the big four banks have something to share, namely the fact that Barclays has an 81 per cent uphold rate on all rejected complaints (while the number is relatively small to Lloyds’ ratio and HSBC with just 66 per cent in PPI. According to analysts, it is a clear indicator the financial institutions do not provide the proper response to financial situations.
Moments when bank and consumer feel they are right and the ombudsman’s role is to mediate the situation. In the case of Lloyds, stating that all information and evidence relevant to the PPI complaint has been exhausted and finding a high ratio of ombudsman uphold rate is discrete shaming, at best.