Although the subject of loan insurance, otherwise known as Payment Protection Insurance or PPI, has been at the centre of heated controversy for some time, this product still continues to attract complaints from customers and concerns from a variety of industry professionals. In fact, the UK’s financial regulator, the Financial Services Authority, and the Financial Ombudsman Service are continuing to crack down when it comes to PPI, having already imposed sky high fines on some lenders and companies that have been found to have been mis-selling this form of cover. (more…)
Posts Tagged ‘financial ombudsman’
FOS still cracking down on loan insurance
Wednesday, October 15th, 2008
FOS and FSA still cracking down on loan insurance
Friday, October 10th, 2008Although the subject of loan insurance, otherwise known as Payment Protection Insurance or PPI, has been at the centre of heated controversy for some time, this product still continues to attract complaints from customers and concerns from a variety of industry professionals. In fact, the UK’s financial regulator, the Financial Services Authority, and the Financial Ombudsman Service are continuing to crack down when it comes to PPI, having already imposed sky high fines on some lenders and companies that have been found to have been mis-selling this form of cover. (more…)
Lord Hunt recommends changes to FOS
Monday, April 28th, 2008In a six month exercise Lord Hunt of Wirral has carried out an extensive review into the UK’s Financial Ombudsman Service, and based on this review he has come up with a list of over seventy recommendations that he states are designed to make the service more accessible and more affordable for consumers. Lord Hunt is now hoping that some of these recommendations will not be taken on board, stating that they could really help to make the service more accessible to all. (more…)