The Financial Ombudsman Service (FOS) was set up by Parliament to provide expert help in dealing with and sorting out issues related to the UK’s financial services and their consumers. In general, the role of FOS is to resolve issues when it’s not possible or hasn’t been successful between the consumer and business themselves, and thus provide an unbiased mediator to assistwhere needed.They can provide assistance for everything from bank accounts and money transfers to mortgages and pensions, utilising the FOS for PPI claims could be the difference between an unfairly rejected claim, and a successful one.
For the most part, the role of FOS with your PPI claim will come down to reviewing the case and deciding whether or not action needs to be taken. If they believe that you do in fact have a case and that you were treated unfairly, then their power could bring you the help you need to gain what you are rightfully owed. If they believe that you are not entitled to compensation or were not treated unfairly, then they will explain to you why, providing you with a clear answer.
The FOS has dealt with over one million complaints, so rest assured that they are experienced in handling PPI claims and determining whether or not you’re entitled to compensation.
When Would I Need The Financial Ombudsman Service
If you have attempted to log a claim with your bank or financial service but were rejected or unsuccessful, FOS can help make your claim successful if they believe that you are entitled to compensation.
When coming to a decision, FOS will look at the evidence provided by the bank and the claimant , including documents, recollections from both sides, recordings, sales scripts and staff training material, and any other information from regulatory authorities where necessary. With all of this taken into account, FOS will then consider whether the consumer was mis-sold the policy, or even eligible for it in the first place.
If you’d like more information as to how FOS works or would like our help making a claim through them, feel free to get in touch with a member of our team today. Alternatively, fill in the online form for a fast response from our team so we can get your claim underway as soon as possible.