Chargeback Claims notices Banks not adhering to rules set by FSA & FOS

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Chargeback Claims, the PPI claims experts, have announced they have noticed Banks and other Financial Institutions not adhering to rules laid out by regulators with regards to the way that the major banking giants are refusing to comply with the FSA and FOS complaint handling procedures (Source: Chargeback Claims spokesman).

Picture of Bnaks who mis-sold PPI

Main Banks Mis-selling PPi

They have wronged the public by mis-selling PPI in the first place and now they are wronging them again by blatantly disregarding the procedures put in place by the FSA and FOS – We won’t stand for it!

Chargeback Claims have been successfully reclaiming PPI on behalf of clients who were mis-sold the useless insurance, since 2007. However, the firm believe that the complaints process put in place by the FSA and FOS is not being adhered to by many major banks (Source: FSA, http://www.fsa.gov.uk/consumerinformation/firmnews/2011/rbs_natwest.shtml) and is therefore trying to deliberately making it harder for individuals to claim refunds that they are rightfully due.

A spokesman for Chargeback Claims said, “Having looked at the figures, we believed that it is our duty as an industry leader to make people aware of the situation in order to have it recognised that big banks cannot get away with this”, the spokesman continued, “They have wronged the public by mis-selling PPI in the first place and now they are wronging them again by blatantly disregarding the procedures put in place by the FSA and FOS – We won’t stand for it!” the spokesman finished, citing the recent payouts some banks have had to make as testament to his point. (Source: BBC, http://www.bbc.co.uk/news/business-12161181)

The figures show that of all the complain files reviewed by the FSA, 53% showed deficient complaint handling and a staggering 62% showed a complete failure to comply with FSA requirements on timeliness and disclosure of Ombudsman referral rights. It was also found that 31% of cases failed to demonstrate fair outcomes for consumers (Source: Telegraph, http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9569871/PPI-mis-selling-complaints-to-FSA-soar.html)

“The fact that a bank of this size can get away with mis-selling PPI in the first place is a disgrace, but now the fact that they will not even deal with the problem correctly is just plain disgusting. We therefore are looking forward to presenting our complaint to the FSA in order to have an official voice heard in an industry where too few people are doing too little” said one of the group at Chargeback Claims.

The investigation by the FSA also found that the banks did not give complaint handling staff suitable training on how to investigate complaints and that the monitoring of this handling was ineffective in making sure that customers were being treated fairly. It also noted that the bank was failing to ensure that complaint handlers were properly reviewing complaints and taking all relevant factors into account.

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