Wednesday, May 22, 2024
Home > Business > What Is The Function Of Financial Ombudsman Service When Filing For PPI Claim?

What Is The Function Of Financial Ombudsman Service When Filing For PPI Claim?

There are millions of people who have become the victim of the largest financial scandal in the history of the UK, which is PPI scandal. The people who have got cheated by the banks and their agents to pay for PPI even without them knowing or by force are now getting their money back with ease, but there is a process that they all need to follow in order to get their money back without any trouble.

Most of the claims are approved with ease when supported with valid evidence and documentations, but in some cases the banks have to stop the claim or reject it. This is also because many people who have bought the PPI rightfully are also filing for the refund, and this is what has complicated the process for the rightful deserving candidates of the PPI refund. The people who deserves to be paid the refund are also sometimes rejected their refund because of the lack of evidence or documents or for any other reasons, and this is where the financial ombudsman service comes into the picture.Image result for What Is The Function Of Financial Ombudsman Service When Filing For PPI Claim?

People whose claims are rejected can knock the doors of financial ombudsman services and they would further investigate the claim independently, and their verdict is binding upon all. Here is what FOS’s functions are –

Investigate The Claim

  • They investigate the claim to ensure that it is a valid claim.
  • Even if your claim has been rejected before, they will check the reason behind the rejection.

Re-Verify The Documents

  • They will verify all the documents to see if they are in order.
  • If some documents is missing, they will ask you for it or gather it themselves.

Validate The Evidence

  • Once they have all the paperwork and documents, they will validate them to ensure that are not fake.
  • They also might ask questions based on the evidence to the customer as well as the lender.

Stay Non-Biased

  • They would remain unbiased and check all the evidence based only on facts to ensure that everyone involved are getting a fair chance.

These are the few functions of FOS that makes it one of the authority bodies to reach out to when the banks have rejected the claim. However, the people also have the option to hire a lawyer if they want to fight for their claim, but it can be an expensive affair.People who want to know the amount of their claim can also visit