More Mis-sold Financial Products !

Thursday 2nd May 2024

Have IVA’s been mis-sold ?
Thousands of people may have been mis-sold debt repayment plans which were too expensive and could be due Redress. An industry regulator has found that some customers were given inadequate debt advice and charged large fees by firms offering IVA’s (Individual Voluntary Agreements).
An individual voluntary arrangement (IVA) is a formal […]

Financial Ombudsman Service Tells Banks To ‘Stop Blaming Victims’ !

Thursday 2nd May 2024

In their latest newsletter, the Financial Ombudsman Service (FOS) has notified banks to treat victims of financial fraud more fairly, instead of assuming the victim was grossly negligent and to blame.
FOS see thousands of complaints from customers, who have had money stolen from their accounts, and assesses cases where the bank and […]

£500 Million Stolen From UK Bank Accounts !

Thursday 2nd May 2024

A new report states that £500 Million has been stolen from customers of British banks in the first half of 2018 alone.
Industry group UK Finance says £145 Million of the stolen amount was due to APP scams, or Authorised Push Payments. APP crime is the fastest growing type of crime and these […]

Pension Scam Victims Win Case Against Mis-sold SIPP.

Thursday 2nd May 2024

The Financial Ombudsman Service has upheld a complaint bought by five individuals who lost nearly £100,000 after transferring their savings following a free pension review.
The decision made by FOS could offer hope to thousands of other victims, who have lost their savings in SIPP’s, a successful way to claim back their money.
The […]

Banks Are Still Refusing To Uphold Consumer Rights

Monday 29th April 2024

Millions of people in the UK are scammed into one scheme or another every year. Whether it be the infamous PPI scandal, mis-sold pensions, unlawful bank transfers or ordering something online that didn’t show up. That’s why in the UK we benefit from consumer protection rights that give us, the customer, some […]

Financial Ombudsman Service Review Too Lenient ?

Monday 29th April 2024

Financial Ombudsman Service Independent reviewer calls for blanket response by FCA to mis-selling claims, but is the review too lenient?
Following an undercover investigation carried out by Channel 4 Dispatches programme, the government called for an independent reviewer to internally investigate FOS and the issues raised in the programme.
The review was carried out […]

Interest-Only Mortgages, The Ticking Time Bomb !

Saturday 27th April 2024

Thousands could be owed compensation, if they were advised to take out an interest-only mortgage when other loans were available.
Experts in the industry have been warning for years about the ticking time-bomb of interest-only mortgages.
For most of us, our mortgage is the biggest and most important loan that we will ever have, […]

The FCA Orders The Ombudsman To Help Victims Of APP Fraud

Thursday 25th April 2024

The Financial Conduct Authority (FCA), along with the Financial Ombudsman Service (FOS), have published joint guidelines on how to deal with Authorised Push Payments (APP) fraud. These guidelines strengthen the authority of FOS and are much needed, as a report by Payment Services Regulator (PSR) discovered an alarming increase in the amount […]

Shocking Staff Reviews for the Financial Ombudsman

Monday 22nd April 2024

Staff members working for the Financial Ombudsman Service have been flooding Glassdoor with negative reviews.
Glassdoor is the ‘TripAdvisor’ of the employment sector, where staff are able to rate past and current employers out of five stars. They can also leave comments on their experiences and many have taken the opportunity to vent […]

The Ombudsman – Who Do They Work For? The Customer or the Bank?

Monday 22nd April 2024

The Financial Ombudsman Service (“FOS”) is directed to investigate when customers have unresolved complaints against financial institutions. Channel 4’s Dispatches went undercover to investigate allegations that complaints had been handled by officials with inadequate training and that banks had been wrongly favoured over customers.
Dispatches sent an undercover reporter to work as a […]