FSA Orders 185 000 PPI Complaints Re_Opening

FSA Orders 185,000 PPI Complaints Re-Opening

The FSA has ordered financial companies that deal in the payment protection insurance market (PPI) to re-open 185,000 previously rejected complaints to reassess them.

It suggests that too many complaints having been rejected and then referred to the Financial Ombudsman Service, are then overturned by the ombudsman meaning that the complaint was not handled correctly in the first place.

The FSA has suggested that around 60% of PPI claims are rejected and then when they move to the Financial Ombudsman Service around 80% of the decisions are overturned resulting in compensation for the consumer.

Is this good for the consumer? Yes we think it is.  

Is it good for an already ravaged industry? No it is not.  The FSA needs to tackle, head on, these big banks and insurers who tarnish the rest of the financial industry.  Stop them arranging investments, pensions and insurance we say.

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