Who’s Who in the World of PPI Compensation Claims
With so many agencies involved in the PPI compensation process, it is hard to know who is who. At Payment Protection Scotland, we thought this ‘Who’s Who Guide’ to agencies and bodies involved in PPI compensation claims would be useful.
The Financial Conduct Authority (FCA)
The FCA replaced the Financial Services Authority after it was decided that part of the problem with the mis-selling of PPI was that banks and lenders could not be effectively challenged.
Even though the FSA was the regulatory body for banks and lenders, it had very few actual powers for forcing banks and lenders to make changes to practices.
As a result, the FCA came into being and they do have the powers and ability to force changes and implement policies not just around PPI but all kinds of financial, banking and selling issues.
It is the FCA that consulted on and decided on the PPI deadline August 2019. They are currently working with advertising and creative agencies to bring a promotional campaign that will encourage anyone with a PPI claim to make a decision about whether to claim or not.
The Financial Ombudsman Service
Also known by its initials FOS, the Ombudsman is also playing a key role in PPI compensation claims.
When customers are unhappy with a product or service they have received from banks, lenders and financial companies, they can take their complaint to the Ombudsman if they feel their bank or lender has not dealt with their complaint fairly.
The Ombudsman as a result of the PPI compensation claim process has been swamped by PPI complaints by customers.
But it is important to note that you must first submit a complaint to the bank or lender before you take your case to the Ombudsman.
They are still dealing with other financial complaints alongside the mountain of PPI compensation cases. If you submit your PPI compensation claim case to them for consideration, it can take up to 12 months to get a result.
Claim Management Companies (CMCs)
Payment Protection Scotland is a CMC that specialises only in PPI compensation claims. This means that when you bring your case to us, you get the full benefit of our many years of experience in helping people to make a claim for compensation after being mis-sold one or more PPI policies.
CMCs charge for their services but it is important you check what this fee is. Some offer a graduated fee based on how much work they do and others, like PPI Scotland, have just one fee.
We also operate on a no win, no fee basis too and that means you get the best service. We assess your cases thoroughly before we start any claim on your behalf so that we are confident you have a genuine and eligible claim for PPI compensation.
Call us and see how we can help.