So steeped in dirt has the world of the PPI policy become that both the Office of Fair Trading (OFT) and the Financial Service Authority (FSA) have looked into and investigated the widespread mis selling of PPI. These bodies are different to the Financial Ombudsman – because while the Financial Ombudsman will look at individual PPI cases, the Financial Service Authority and the Office of Fair Trading regulate the industry as a whole, and investigate the widespread policies of companies and whether they do or don’t sell their PPI policies fairly.
The Opting Out PPI Scam
Some financial companies that sold Payment Protection Insurance unfairly included in the small print that the consumer would have to opt out of buying the PPI policy. However, in a lot of PPI mis-selling cases it has become quite clear that the sales person who was selling the policy did not make it clear that the individual needs to opt out at all.
Such was the scope and scale of the payment protection insurance mis-selling that some financial companies patently made it nearly impossible for the client to know that PPI was being sold to them. Or , even when PPI was stated to have been sold, that it was not done so with a clear explanation of how it worked and whether it would be suitable to claim. This meant that many people who were never even eligible to make a PPI claim were still sold a policy – an example of this would be a self employed entrepreneur being sold a PPI product solely meant for those who were employed with a regular salary.
If you do forward a PPI case to the Financial Ombudsman, the Ombudsman will analyze and reflect on what both you and the financial institution says, and then make a determination about whether the payment protection insurance was likely to have been mis-sold or not. All documentation and any additional notes available will be checked to come to a fair and logical solution.