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How The Financial Industry Is Still Failing Its Customers

Northampton, September 4, 2017
The Ombudsman has noticed that the services offered by the financial services are where the problems lie. The industry revolves around outsourcing, cost cutting, technology, automation and usually invests money in the above-mentioned areas. However, the way they approach the issues that the customers face is bad. Because of this reason, the customers are highly let down and eventually tend to lose interest.
The Financial Services need to offer products that perform the very purpose for which they were designed and implemented. This is something that the authorities have forgotten once the customer’s money is in.
Moreover, making a complaint regarding the same costs money and is a time-consuming process. One such issues that the Financial Conduct Authority (FCA) proposed to put an end to is the payment protection insurance (PPI) mis-selling.
However, it does not make sense that the customers have to first deal with the company while making the complaints. Later, if there is no positive acknowledgement from the companies, consumers have to approach the Financial Ombudsman Service (FOS).
The overall rate of these upheld complaints has fortunately fallen ever since the Financial Conduct Authority decided to put an end to the mis-selling scandal by imposing a deadline. In this development, financial institutions are getting better at resolving customers issues themselves.
PPI is firm that helps it customers to gain their rights in a legal way and with a more ethical approach. They help the customers to claim the PPI compensation amount by taking care of the entire procedure.

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