If you haven’t been contacted by your bank after sending a formal complaint, or if your bank has straight out rejected your claim, you have probably taken action and sent your case to the Financial Ombudsman.
The Financial Ombudsman is a large regulatory body that deals with upwards of a thousand new cases every single day. With that being said, it’s easy to feel as if you don’t know what’s happening with your case.
Throughout the next few sections we’re going to give you a quick briefing on PPI complaints and then explain the roles and operating techniques of the Financial Ombudsman.
It’s estimated that approximately £50b worth of payment protection insurance policies have been sold within the past decade or so; more than £20b has already been paid out to millions of consumers around the UK, so there is still a lot left to claim!
Banks and other financial businesses are becoming hesitant to pay out large amounts of compensation, considering the amount that they have already paid out. This has resulted in more cases being rejected. With the amount of mis-sold policies and rejection letters that consumers are receiving, it’s expected to take several years for the problem to be sorted.
How the Ombudsman Can Help You
The Financial Ombudsman is a regulatory body that ensures consumers are being treated fairly by banks and other financial businesses. After taking your case to the Ombudsman, they’ll carefully review each side and gather any necessary paperwork.
If your bank has treated you unfairly and this is found out by the Ombudsman, they have the authority to order the bank to fix the problem. You should also keep in mind that approximately two-thirds of PPI complaints sent to the Ombudsman have been resolved in favour of the consumer.
Waiting for Your Case to Be Resolved
The Ombudsman has a lot of cases to deal with and they are flooded with new cases each and every day. Because of this, it’s impossible to put an exact time frame on your personal case. Your own case can be affected by many factors including the following: paperwork limitations, and the complexity of the case.
This means that you’ll just have to sit tight and wait for the Ombudsman to contact you regarding your case.
If you haven’t heard back from the Ombudsman, even though you sent your case to them months ago, it’s important not to worry. They deal with around a thousand new cases every single day and checking up on your case will not help the situation. However, if you do happen to change address, become seriously ill, or there is a change in any of your personal circumstances, make sure to contact the Ombudsman so they can be kept up-to-date.
Taking your case to the Financial Ombudsman is definitely the right thing to do, but it can feel as if your case has been forgotten once you have done so. The Ombudsman has stated that it will most likely take several more years for the whole problem to be resolved, so it would be worthwhile to be patient with regards to your claim.
By reading the information outlined above, you’ll be able to gain a much greater insight about the Financial Ombudsman and how they are dealing with your case specifically. This should give you peace of mind that your case hasn’t been forgotten about.