18 July 2016
It is easy to forget that behind the numbers are real people, customers who have faced years of financial hardship paying for an insurance policy that they thought would help them in times of need - only to discover that they had been sold a policy that was worthless and useless to them.
The Financial Ombudsman Service - also known as FOS - has the unenviable task of deciding who is right in a dispute between a customer and a bank, lender or another financial company. They deal with all kinds of financial products, with payment protection insurance (PPI) being just one of them.
As you can imagine, FOS has been dealing with thousands upon thousands of complaints relating to PPI over the last few years, and the information recently released by them makes for sobering reading;
It is easy, however, to just see the numbers, forgetting that behind these 260,000 PPI compensation cases are real people - and some of these people have had to wait a long time to get a resolution to their PPI compensation claim.
In many cases, the greatest enemy has been time. The length of time people has had to wait for a resolution to their case is impacted by two main factors;
FOS are aware of all these issues and how it impacts on the customer which is why they are making more resources available to deal with PPI compensation disputes. This will mean more cases resolved and hopefully, much quicker benefitting the customer.