The first step in claiming back mis-sold payment protection insurance (PPI) is always to complain to the firm who sold you the policy. Many people do this via a claims management company who specialise in claiming back mis-sold PPI.
If the firm rejects your complaint, or makes you a compensation offer you are not satisfied with, you can refer the complaint to the Financial Ombudsman Service (FOS). The FOS has experience of investigating hundreds of thousands of PPI complaints, and is an independent body set up by Parliament to rule on complaints involving financial services organisations where the complainant and the organisation cannot reach an agreement. The FOS can only get involved if you have complained to the firm who sold the policy first.
You will need to complete the FOS PPI consumer questionnaire. This is an eleven page form which includes questions about when the PPI was sold, why it was sold, your personal circumstances at the time and why you feel you have grounds for complaint. If you use a claims management company then they can be used a source of reference and provide valuable support in completing the form to ensure that your case is not jeopardized.
The firm must complete the FOS ‘response form’, which includes a section requiring them to explain why they rejected your complaint.
Key considerations for the FOS will be whether:
- you received information at the point of sale that was clear, fair and not misleading, to allow you to make an informed choice about the transaction.
- the firm took adequate steps to ensure that the PPI was suitable for you.
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