If your PPI claim is unsuccessful, you can make an appeal to the Financial Ombudsman. Below, we explain how.
Have you made your PPI claim yet? Remember that the clock is ticking. The Financial Conduct Authority has set a deadline for all PPI claims, meaning you must submit your claim by 29th August 2019.
Thousands of people have already made successful claims. Since 2011, the banks have paid over £30 billion to consumers. Before the deadline arrives, millions more is expected to be paid to customers. The banks involved in the mis-selling scandal have shelled out even more money to contribute to the promotion of the campaign warning consumers of the PPI deadline, which features Austrian-American actor Arnold Schwarzenegger.
Despite the number of policies that were mis-sold, it’s not uncommon for the banks to reject a PPI claim. If you find yourself in this situation, but want to make an appeal, you can contact the Financial Ombudsman.
What Is the Financial Ombudsman?
The Financial Ombudsman is an independent organisation that deals with disputes between individuals and financial businesses.
It will only deal with disputes after the individual and financial business have tried to resolve the dispute themselves. For PPI claims, you must contact the bank first, but, if you are unhappy with the outcome, you can then contact the Ombudsman. It will review your case and decide if the outcome should be ruled in favour of you — the consumer — or the financial business.
In 2017, over half the complaints received by the Ombudsman were about PPI. Given the influx of PPI claims being sent to the Ombudsman, it can take a while for a case to be resolved — sometimes up to two years.
How to Make a PPI Claim via the Ombudsman
You can only take your PPI case to the Ombudsman after it has been rejected by the bank or lender. If you believe that you have a strong case and the bank has wrongly rejected your claim, it’s worthwhile sending your case to the Ombudsman. You must refer the case to the Ombudsman within six months of rejection from the bank.
You will need to download and complete the online form on the Financial Ombudsman website and attach all of the evidence you initially sent the bank. If the Ombudsman needs any more information, it will let you know.
The Ombudsman will acknowledge that it has received your complaint, but, as mentioned, you may need to wait a long time before any conclusion is reached. Unfortunately, there isn’t much you can do to speed up the process. Once your case has been reviewed, the Ombudsman will let you know if it upholds the decision made by the bank or if it has overturned the decision.
If you are working with a PPI claims company such as Canary Claims, we are able to complete the online form on your behalf and communicate with the Ombudsman regarding your case.
What if My PPI Claim Is Rejected by the Ombudsman?
If your PPI claim is rejected by the Ombudsman, it’s unlikely that the result will change. There are two circumstances where the result may not be final:
- You appeal the decision: Most cases are sent to advisors working at the Financial Ombudsman. However, if you state that you disagree with the outcome and want a further investigation from one of the official ombudsman, you might still have a chance. It’s worth bearing in mind that not many cases are referred and this process can be long.
- You find further evidence of your mis-sold PPI: If you happen to find more evidence of your mis-sold PPI, you can make a new claim. You will first have to contact the bank and go through the initial claims process. You can then refer to the Ombudsman if the bank rejects your claim a second time.
Whether you’ve started your claim or not, make sure you take action before the August 2019 deadline.
Canary Claims is a PPI claims company with an incredibly low fee of just 15% + VAT (18% total) on successful claims. Our no win, no fee PPI policy [Cancellation charges may apply only if the claim is cancelled after the 14 days cooling off period. The fee would be based on the work done at the time of cancelling at a rate of £120 per hour and up to a maximum total of £180] means you never pay any money upfront.