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News

Ombudsman Complaints Bottleneck As Banks Delay

It will not come as a surprise to anyone who has been following the developments in the world of missold payment protection insurance that banks have been further dragging their heels in dealing with the multiple complaints that have occurred following the recent high court ruling.

The high court debate had occurred as a result of the Financial Services Authority, introducing laws that would required banks to contact any customers who may have been victims of mis-selling to make them aware that they may be given compensation.

However, the British Banker’s Association argued that applying rules retrospectively was not ethical, and refused to deal with any complaints whilst awaiting the high court’s ruling – which eventually ended up going in favour of the FSA.

Since the ruling, complaints on the matter have increased by 26%, leading to a bottleneck situation for the Financial Ombudsman Service – the service that is responsible for enforcing complaints that the banks do not deal with.

The further delay to the process has led to frustration amongst the Ombudsman service, with financial claims expert Michael Pilgrim noting that ‘It is totally unacceptable for banks now to claim that they cannot cope with a backlog of complaints they created by putting cases on hold. After being mis-sold useless insurance policies, customers then had their compensation claims left on hold for months. So they now deserve a swift resolution to this whole debacle.’

For more of the latest news from the world of missold payment protection and to find out how you could claim thousands in compensation, contact Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 03 Jun 2011

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