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PPI – The Who’s Who? Guide

As with most things, there are several agencies and organisations involved in the financial markets here in the UK. When it comes to the PPI scandal, it is easy to be confused as to who is who…


The Competitions Commission

This body closed on 1st April 2014, its powers and duties now part of the Competition and Markets Authority (CMA).

It will, however, we forever linked with the start of the PPI compensation process after delivering a damning report on the way that PPI was sold prior to January 2011. It was from this hard-hitting report that steps were taken to begin the compensation process.

Citizens Advice

In 2005, Citizens Advice, the body that helps consumers with consumer laws and complaints, raised a super-complaint with the Office of Fair Trading regarding the selling of PPI and the shape it took.

It took another six years from this super-complaint for judicial reviews to conclude and for the process of PPI compensation to begin.

Financial Ombudsman Service

The FOS is inundated with PPI complaints from irate customers who have made complaints relating to the sale of PPI, only for the bank to refute their claim.

As the final port of call, the FOS will look at the complaint on behalf of the customer and make the final decision. In more than half of the cases it looks at, they uphold the customer's complaint which means the bank must pay compensation for mis-sold PPI.

But PPI cases are not the only ones they look at, although currently, PPI complaints is a large bulk of their workload. They address all cases brought to them by consumers unhappy with the way banks and lenders have sold financial products to them.

However, as a customer, you must first approach your bank regarding your complaint and only then, if you are unhappy with the response, will the Ombudsman take on your case.

Financial Conduct Authority

The FCA is the regulator of the banking industry. They oversee everything banks and lenders do. If they are unhappy with some aspects of how banks do business, they investigate and tell banks what need to change.

Prior to the PPI scandal, there was no regulator that could insist that the banks change the way they do things. The PPI mis-selling scandal highlighted many things, one being that the banks were 'free' to do what they wanted and there wasn't really anyone who could stop them.

This is why the PPI scandal grew to be such a colossal problem.

Patment Protection Scotland is here to help you claim your money back. Find out more by calling our team today.

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