MISSOLD MORTGAGE
PAYMENT PROTECTION INSURANCE
COMPENSATION CLAIM ADVICE
The Financial Ombudsman Service (FOS) was set up as a legal entity by government to assist in settling individual disputes between consumers of financial products and businesses in the financial sector. The FOS does not give missold mortgage payment protection insurance compensation claim advice however it does deal with disputes involving insurance but it is not the financial regulator and is totally independent of all parties involved in any dispute. The FOS, whose service is free to consumers, only becomes involved in settling disputes after a member of the public has made a complaint directly to the firm concerned which fails to resolve the dispute. As an alternative to using the FOS the parties to a dispute are at liberty to take their potential claim to a court of law however once the ombudsman’s decision has been accepted it is binding on both parties thereby precluding further action in court.
The Financial Ombudsman Service gives the consumers of financial products a free, independent service for resolving missold mortgage payment protection insurance disputes with financial firms and must consider the situation impartially prior to making a fair and balanced decision, based on the facts of each individual case. Following receipt of a formal complaint the FOS can order financial firms to put right any wrong which is usually done by the payment of compensation to rectify any mis selling and the decision of the FOS is usually binding on the financial firm.
The FOS will only become involved if the missold mortgage payment protection insurance complaint by a member of the public has first been considered by the financial firm which gives it the chance to put things right at an early stage. If the firm has responded in a way that the consumer considers to be inadequate or has failed to respond after a reasonable time has passed following receipt of the complaint then an application for redress can the be made to :-
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
United Kingdom
Tel: 020 7964 1000
Fax:020 7964 1001
Once a complaint about missold mortgage payment protection insurance has been made to the FOS they will take a fresh look at the facts and tell both parties their views on how an agreement may be reached. In coming to its conclusions the FOS will consider all relevant information that has been put forward and may ask for documents and further information from other people and firms if appropriate. The FOS does have a deadlines or time limitation and a complaint should be made as soon as possible.
Our network of lawyers, financial advisers and insurance experts work together as a specialist team to settle claims against insurance companies and their brokers or agents. Our professionals only deal with claims on a risk free no win no fee basis and if the claim is unsuccessful for any reason they will make no charge whatsoever. You will not be asked to fund or finance your case in any respect and you will not have to buy insurance or take out any loans. Our clients never pay any charges unless the claim is settled successfully. If you would like to speak to a specialist just complete the contact form or call the helpline and one of our experts will discuss your potential claim without any further obligation.
